Grain > Commentary > 7-29-2021

7/29/2021

Jul 29, 2021

7/29/2021
Overnight trade was two-sided for both corn and soybeans.  The weekly export sales report dropped at 7:30am with higher-than-expected new crop sales for corn and some new crop purchases of soybeans and wheat by China.  China also cancelled 119k tonnes of old crop corn.  Old crop sales of corn netted 115k tonnes of cancellations and old crop beans netted 79k tonnes of cancellations.  New crop net sales showed 529k tonnes of new crop corn and 313k tonnes of new crop beans sold during the previous week.  The USDA had an 8am sale announcement of 132k tonnes of soybeans to unknown for 2021/22.  Export sales overall provided enough general support for a solid bounce into the green of 7-8 higher on corn and 16 higher on soybeans.  A break from the heat today was much welcomed in the Northwest region of the corn belt but the wind change that brought cooler weather has also brought smoke from the wildfires in Canada with it, making the air in Minnesota somewhat dangerous and unhealthy.  The September 21/December 21 corn spread did trade a small carry today for the first time since early December 2020 before closing at a 1'4 cent inverse.  The 2021 North Dakota Spring Wheat tour finished today, forecasting a 29.1 bu/ac yield, well below the 5-year average of 43.6 bu/ac.

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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.