8/16/2021

Overnight markets were mixed but mostly stronger throughout the session.  Corn spent a majority of the day session inside of a 4-cent range and closed 2-4 lower to the start the week.  Soybeans continue to be well supported by dryness in a large portion of the western corn belt and some hot temperatures over the next few days.  A quick glance at the daily chart shows that soybeans are building some momentum towards a potential break-out out of the top side of their current trading ranges.  The USDA made another 8am sales announcement with another 132,000 tonnes of soybeans sold to unknown for the 2021/2022 marketing year.  The ProFarmer crop tour kicked off today with South Dakota and Ohio being the first states surveyed.  The tour will last through Thursday with final numbers out to the public at the end of the week.  It will definitely be interesting to compare the tour numbers to the USDA’s August estimates as most of the tour fields seem to be in very good condition.  Weekly crop conditions are expected to show a 1% improvement in corn and unchanged on soybeans.  NOPA July crush numbers were disappointing with 155.1 million bushels vs 159 million estimated.  Soy oil stocks show 1.617 billion pounds vs 1.505 billion pounds expected.