8/10/2021

Corn finished fractionally lower in modest 6-7 cent ranges after better-than-expected crop ratings put another day of pressure on corn.  The USDA pegged the US corn crop at 64% good/excellent, up 2 points from the previous week.  Soybeans found support from unchanged crop conditions, maintaining their 60% g/e rating from the week prior.  I guess it must have only rained on corn fields, again.  Brazil’s CONAB cut their corn production estimate from 93.385 mmt to 86.650 mmt and increased their soybean production estimate slightly from 135.912 mmt to 135.978 mmt.  The USDA announced more private export sales at 8am this morning.  These included 130,00 tonnes of soybeans to unknown for the 21/22 marketing year, 132,000 tonnes of soybeans to China for the 21/22 marketing year, and 182,880 tonnes of corn to Mexico split between the 21/22 and 22/23 marketing years.   Analysts are expecting the USDA to cut both corn and soybean yields in Thursday report but their average estimate for corn would still be a record.  They are also expecting slight increases to the 20/21 ending stocks for both corn and soybeans.  Yesterday afternoon, the NOAA updated their weather 6-10 day and 8-14 day outlooks, maintaining the probabilities of above-average temperatures but significantly increased the precipitation chances.