Grain > Commentary > 7-20-2021

7/20/2021

Jul 20, 2021

7/20/2021
Turn-around Tuesday for corn and soybeans as they both finish a mostly quiet day with double digit gains.  Not much available to explain the higher move other than buying was supported by the hot and dry weather and money flowing back in after yesterday's wide spread sell-off across various markets and exchanges.  Crop conditions scored US corn at 65% good/excellent, unchanged from the previous week.  Soybeans were seen at 60% good/excellent, up 1% from last week.  Trade is giving some focus to the Brazil corn with areas seeing frost a couple times over the past week or so but, with harvest already underway (30% complete), I'm a little skeptical on if it will have any significant effect on their yields.  September corn has been attempting to fill a gap on the chart at the 588'0 mark but has been finding some resistance around 571'0 over the past week.  Funds purchased 8000 corn and 10000 beans today.  We will be looking forward to the break from this hot weather, whenever it comes.

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11/14/2025
Nov 14, 2025
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9/12/2025
Sep 12, 2025
USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu. 
8/21/2025
Aug 21, 2025
Today the market ran higher on rumors for positive SRE announcements coming soon.  Bean oil was up over $2.  Beans finished the day up 20 cents at 10.56 Nov futures.  There is a chance we could make a run at the 10.74 Nov highs from back in June.  If we get there, I am a seller.  Bean basis remains in the garbage, so a run higher in futures doesn't help that either.  We still don't have a trade deal, so I think any rally is short lived at this time.