Grain > Commentary > 7-21-2021

7/21/2021

Jul 21, 2021

7/21/2021
A quiet day in Chicago with corn trading a small 4 cent range after 9:30 this morning.  Soybean trade was also uneventful, working a 10 cent range from about 10:00am through the remainder of the day session.  Traders have been churning through the same headlines over the past week and there is a limit to what kind of weather premium we can currently squeeze out of the market.  It appeared managed money was gunning to fill the gap at 573’4 on the December corn chart at the 8:30 open this morning but they fell 1/2 cent short.  Ethanol numbers for the week showed output down 13,000 barrels/day to 1.03 million bpd and stocks increasing 1.38 mln bbls to 22.52 mln bbls.  After gaining about $1.50/bu over 7 consecutive higher closes, spring wheat became very vulnerable to profit taking and has been down hard the past 2 days.  September corn futures mark another day failing to hold ground above the 571 level.  Interestingly enough, the wildfire situation in Canada has damaged tracks and slowed down rail traffic with the number of railcars unloading at the Port of Vancouver down 77% from last year.

Read More News

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. 
8/15/2025
Aug 15, 2025
Corn and beans both had nice gains heading into the weekend.  Corn might seem terrible as of late, but for corn to only be down 2 cents since report day is impressive.  That was one of the most bearish reports for corn we have seen in quite some time.  Corn finished the week 13 cents off its lows and unchanged for the week.  New crop corn basis has softened a little on the week as the extra 2 million acres and 8 bushels of yield from the report has also scared a few exporters off.