Grain > Commentary > 9-27-2021

9/27/2021

Sep 27, 2021

9/27/2021
Corn and soybeans started the overnight session on a weaker note after a huge harvest weekend.  We flipped to green shortly after the 8:30am open with a flood of East coast investor money jumping in on some mob mentality type buying.  The timing is rather peculiar considering we are entering a period of time when supply is the largest for the year.  The USDA made an 8am export sale announcement this morning of 334,000 tonnes (12.3 million bushels) of soybeans to China for the 2021/22 marketing year.  Weekly export inspections continue to improve but are well behind last year's pace.  Volumes were on the upper-end of expectations for corn and soybeans but totals were nothing special.  518k tonnes corn and 441k tonnes of soybeans were inspected for export shipment last week.  At this point, we know the US is going to have a crop and we will have the supply to meet estimated demand.  Time to start asking ourselves if the demand is there to keep the supply from growing too large, too fast.  We appreciate everyone who hauled grain into Glacial Plains over the weekend.  We dumped over 600,000 bushels of soybeans on Saturday and Sunday between all the locations and today has the potential of setting a record!

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