Aug 31, 2021

Corn and soybeans post another day in the red as the seasonal downtrend ahead of harvest rolls on.  The market spent today trying to assess the impact of hurricane Ida and how it affects export shipping.  The USDA's 2021/2022 export targets for corn and soybeans are already at risk of being unattainable.  Spreads have weakened to 12-15 months lows, now is an excellent opportunity to roll hedges forward ahead of harvest and grab some good carry in the market.  Dec to Mar corn spread closed at an 8-cent carry and Dec to May corn spread would pick up 12 cents.  The Nov to Jan soybean spread closed at a 7-cent carry, 2 cents off its contract low.  Today was the final day for the 2020/2021 marketing year for corn and soybeans and we closed it out with no daily export sale announcement.  It seems as though mother nature has flipped the switch and we are now in a wetter weather pattern with precipitation steadily forecasted going into September.  It wouldn't be a surprise to see risk continue to be taken off going into the long Labor Day weekend.

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