Sep 23, 2021
Corn traded lower inside a tight, 3-cent range overnight while soybeans were able to muster up some modest buying interest, poised for another possible run at the 1300'0 level on the November futures. Trade was lack-luster after the 8:30am open, reacting to some disappointing weekly export sales, but was able to rally from mid-day into the close. Last week's export sales for corn and wheat were within trade expectations but under performed. Corn sales netted 373k tonnes and wheat sales netted 356k tonnes. Soybeans posted a strong net sales number of 903k tonnes last week. The USDA made an 8 a.m. export sales announcement this morning of 138k tonnes of corn to Guatemala for 2021/2022. I expect the market to continue its neutral/lower trend next week and going into October. So far, trade has defended the 200 day moving averages in a "bend, don't break" fashion. 200-day MA currently sits at 510'2 for Dec corn and 1272’0 on November soybeans. A couple consecutive days of corn or soybeans closing below these averages could very easily result in 50 cent price breaks. Using the price rallies similar to what we've seen through the middle of this week is a great way to pick up extra revenue on unsold bushels sitting in town through harvest. Our local 10-day forecast looks incredible for this time of year and will definitely help push harvest along.
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