6/3/2021

The market found some strength overnight, with corn 10 cents and soybeans 27 cents higher at one point, but was sold-off immediately at the 8:30 open this morning and couldn't recover.  On modest volume and declining open interest, trading ranges were fairly large, as well, with a 32-cent spread in July corn and 46 cent window in July soybeans.  Fundamentals remain unchanged and our markets remain subject to money flow in and out.  Basis slips as we continue on towards the new crop delivery period as end users continue to gain coverage.  The rejuvenation in the market over the past week has given growers another opportunity to reward themselves with seldom seen prices and it’s probably best to take a historically good cash price over trying to pick highs.  New crop for 2022 should be given a hard look, as well.  We are one week out from our June WASDE report but trade hasn't given it much attention as most eyes are on next week's weather and the USDA acres numbers due out at the end of the month.  Spring wheat futures took a pause from their large run over the past week, finishing the day down 5 but still 95 cents higher from last Thursday. There wasn't much for news today except for the weekly ethanol report.  Production was up 23k bpd and stocks were up 608k bbls from the week prior.