Aug 05, 2021
Corn tacks on another day of range trade with the front month continuing to bounce around between the 540 and 560 marks. Soybeans improved a few notches for the second consecutive day after a sharply lower move earlier in the week. We had a little more of an active day of trading news with weekly export sales report showing all net positives for old and new crop. Last week, we netted 68k tonnes of old crop corn sold and 11k tonnes of old crop beans. New crop sales put together another solid week with 425k tonnes of new crop beans sold and new crop corn out performing expectations with 830k tonnes sold. We also had an 8am announcement from the USDA this morning of 300,000 tonnes (11 mln bushels) of soybeans sold to unknown for the 2021/2022 marketing year. With harvest not terribly far away, we are recommending those with hedge-to-arrive sales to take a look at current basis and consider what it may do when grain begins to move. Study the carry that has developed in the corn market, as well, there is some opportunity to be had with rolling hedges out. Last night's chance of rain was a bad miss but it appears the chance of rain early Saturday morning is stable for now.
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