8/26/2021

Aug 26, 2021


8/26/2021
Overall, a quiet trading day in both sessions with corn trading a 6-cent range and a 13-cent range in soybeans.  Weekly export sales were within range with old crop sales netting 7k tonnes of corn and 75k tonnes of soybeans sold last week.  New crop sales were at the bottom end of expectations for corn with 684k tonnes sold.  New crop soybean sales were strong with 1.75 million tonnes sold last week.  The USDA confirmed a few 2021/2022 export sales at 8 a.m. this morning with 100,000 tonnes of corn to Colombia, 133,000 tonnes of soybeans to China, and 132,150 tonnes of soybeans to unknown.  A couple strong storm systems are moving across the Dakotas, Minnesota, Nebraska, and Iowa today bringing some significant rainfall and wind gusts.  We did have an early report of some crop damage due to high wind but nothing widespread.  Going into the final trading day of the week, technicals show that the market is comfortable with December corn to continue trading near 550'0 and November beans near 1330'0.  Speaking for myself, it certainly feels like the US crop has gotten bigger over the past two weeks.  We talked drought all summer but still have not seen any evidence of widespread crop failure.  Market upside is limited at this point and there are more points of resistance above us than support lines below our current levels.

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