6/30/2021

We answered some big questions for the market today.  Grain stocks were close to target with 4.112 bln bushels in corn vs 4.144 estimated and soybean stocks total 767 mln bushels vs a 787 mln bu estimate.  The biggest shake up may have been the acres planted for corn and soybeans.  Corn acres were reported at 92.7 million acres planted; a 1.6 million acre increase from the March report but well below the 93.8-million-acre estimation.  Too early to rule out the possibility of more acres being added in the future.  Soybean acres were reported unchanged from the March planting intentions report at 87.6 million.  Corn and soybeans were both trading 15-20 lower on the day at 10:59am.  By 11:01, most of the corn contracts out to Sep 22 had traded limit higher or were close to it.  Today was the first day we saw soybeans take a run at their new daily price limit of $1.00.  Lost in the commotion today was the weekly ethanol numbers, which showed an increase in production of 10,000 barrels per day to 1.06 million bpd and an increase in stocks of 452k barrels to 21.57 million barrels.  Still waiting to see the rumored additional new crop soybeans purchases by China be confirmed.  Reminder: Murdock will be unable to receive grain for the remainder of the week starting today at 3pm.  Murdock will resume normal receiving hours on Tuesday, July 6.