8/11/2021

Aug 11, 2021


8/11/2021
Overnight saw soybeans stronger with double digit gains supporting the corn sector.  We did see some profit taking with the 8:30am open being sold but corn had recovered by mid-day and remained mostly stagnant through the rest of the session.  New crop soybeans finished in the green for the day but were well off of their highs.  Export business for new crop is starting to pick up and the PNW market has been fairly active over the past week.  The USDA confirmed another export sale at 8 a.m. this morning with 132,000 tonnes of soybeans to China for the 2021/22 marketing year.  The weekly ethanol report showed production was down 27,000 bpd from the previous week to 986,000 bpd.  Ethanol stocks declined 373,000 bbls to 22.28 million barrels.  End-user direct remains as the only reliable market for old crop corn.  Be careful not to hold your old crop for too long, at some point, the end-user will achieve coverage to bridge themselves into the new crop delivery period.  This likely won't happen for another 4-5 weeks but, when it does, basis will deteriorate and we will be at new crop values well before harvest; similar to what we have seen in soybeans over the past 2 weeks.  The August WASDE report will be released at 11 a.m. tomorrow.

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...