9/8/2021
Sep 08, 2021
Corn and soybeans traded in the green throughout the overnight session and did not trade lower on the day until after the 8:30am market open. The USDA confirmed the sale of 106,000 tonnes of soybeans to China this morning. China has been a regular customer throughout the past few weeks and has bought a good volume of soybeans for the 2021/22 year but it is now become routine business and we need more to help support to the market. Anticipated increases in corn and soybean acres for this year in Friday's report are the dark cloud over the market. There is no historical price action trend to follow for the September WASDE report day (higher or lower) but corn price is likely to follow-through on the same action the following day as what it did the day of the report. Action in soybeans is random, at best. With a large chunk of the silage acres now in piles, averages are lower, but much closer than expected, to last year's tonnages. A quick peek at the extended forecast shows we have a really good window of weather to help the crop finish maturing and the ground should be fit for field work when the rubber hits the dirt.