7/6/2021

Jul 06, 2021


7/6/2021
After the long holiday weekend that included high temperatures across the grain belt, a break in the heat wave was welcomed along with some rain in our local area, as well as, a big portion of Minnesota and the Dakotas.  Opening calls were for a lower market this morning but I don't think opening limit lower on corn was something many expected.  Today's corn trade was over as fast as it started.  Beans also took a big hit, opening 25 lower and closing 89-94 lower on the day.   It will be interesting to see how much length the managed money has remaining and we now have some big gaps on the new crop futures charts but still plenty of time to fill them.  Weekly export inspections for corn were big, but mid-range of expectations, at 1.236 mln tonnes.  Soybean inspections were also within trade estimates at 206k tonnes and wheat underperformed last week at 258k tonnes inspected.  The grain stocks and planted acres report is now old news and trade will put more emphasis on next week's July WASDE report.  Weekly crop condition ratings for this week are expected to be unchanged from last week in corn and soybeans and slightly lower in spring wheat.  As of about 1:30pm, rain total for the day in Murdock was 1.7".  Better late than never! 

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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. 
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. 
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.