6/7/2021

Jun 07, 2021


6/7/2021
Volatility, weather market, more volatility; wash, rinse, repeat.  Markets opened higher Sunday night, citing record heat and dryness in the western corn belt, putting huge gaps on the charts for both old and new crop.  Enthusiasm faded throughout the night and a huge sell-off on the 8:30 open sent values back down to earth with new crop corn months being the only gaps remaining unfilled.  It took the higher volume of the day session for the market to realize the weather story only affects new crop and today's close reflects that.  Weekly export inspections were within estimates but on the low end of expectations for corn, putting the twist on the dagger in the grain bulls for the day.  The USDA reported 1.4mln tonnes of corn, 237k tonnes of soybeans, and 419k tonnes of wheat inspected for export for last week.  We will get our initial soybean condition ratings this afternoon with trade expecting a 70% good/excellent rating.  Analysts are also looking for a 2-point reduction in the good/excellent category from corn, from 76% down to 74%.  Weather continues to maintain a very bullish undertone to the market, especially for soybeans, but remember that it will only take two big rain events over the next 6 weeks, along with a few follow-up showers, and the big market bull run will be put to bed. 

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Mar 11, 2025
The monthly USDA WASDE report was today and it was about as boring as it can get.  The USDA took the month off leaving corn and beans carryouts unchanged.  Corn remains at 1.540 billion bushels and beans at 380 million bushels.  World ending stocks were slightly lowered on both corn and beans.  World corn was pegged at 288.94 million tonnes vs 290.3 million tonnes previously.  World beans were pegged at 121.4 million tonnes vs 124.3 million tonnes previously.  All of the South American crop production estimates were also left unchanged.  
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