Grain > Commentary > 9-16-2021

9/16/2021

Sep 16, 2021

9/16/2021
Corn and soybeans higher/firm for almost all of the overnight session with follow-through technical buying after bouncing off of last week's lows.  Market is focused on some poor early US corn yield reports but, typically, the fields that are harvest ready early are the poorest yielding.  You can likely expect a negative day of trade in the near future explained by improved yield reports.  After the USDA announced a cancellation of 132,000 tonnes of soybeans to China for 21/22 yesterday morning, we had an 8am sale announcement this morning of 132,000 tonnes of soybeans to China for 21/22.  The weekly export sales report failed to impress this morning and stemmed off the momentum the market had generated overnight.  The USDA reported 247k tonnes of corn sold, well below the 500k tonne minimum estimate.  The USDA reported 1.264 million tonnes of soybean export sales last week.  Soybean sales were at the upper-end of estimates but the volume isn't a surprise this time of year.  The weekly drought monitor update showed virtually no changes from last week's map.  Weather forecast continues to be favorable for crop maturity.  Reminder: The Glacial Plains Coop annual is tonight at 5:00pm inside the Glacial Plains shop in Murdock.

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