8/18/2021

The markets were mostly quiet throughout the overnight and day sessions.  Corn and soybeans both traded on either side of unchanged with corn finishing 1-3 higher and soybeans 4-10 lower.  The USDA confirmed another private export sale of 131,000 tonnes of soybeans to China for the 2021/2022 marketing year.  This makes the 10th consecutive business day with a sale announcement.  ProFarmer tour found some good crops in Nebraska and Indiana yesterday and, overall, is finding some healthy crops in Western Iowa and Illinois today.  According to those on the crop tour, Indiana's corn crop has potential to be better than 2020's (state record yield) and the soybeans continue improve as they move west from Ohio into Iowa.  Weekly ethanol numbers were off, again, with output down 13,000 bpd from the previous week to 973,000 bpd.  Ethanol stocks were down 718,000 bbls to 21.56 million bbls.  The pace for ethanol corn usage for the year is close to the USDA's forecasted 5.05 billion bushels.  The forecasted rain for our area at the end of this week has increased in chance and amount.