Sep 09, 2021

Corn and soybeans both gave their 200-day moving averages their first test of support one day ahead of a September WASDE report that would mostly be brushed aside in a normal year.  After being down overnight, both found some buying interest after the 8:30am open.  The USDA made a sale announcement this morning of 132,000 tonnes of soybeans to China for 2021/22.  Late yesterday afternoon, the FSA accidentally released their acreage numbers for corn and soybeans 2 days early with figures that leaned bearish.  Going into the report tomorrow, corn inspection data shows that exports fell about 140 million bushels short of last year's target number but the USDA will likely use some of their magic to make the miss much smaller.  Analysts expect new crop corn yield and acreage to both increase.  For soybeans, changes in the old crop figures should be small with analysts averaging a 6 million bushel increase of the 20/21 ending stocks to 166 million bushels.  New crop acres and yields are not expected to change much, if any.  Demand is key to maintaining strength in the soybean market as supply appears to be sufficient for current usage.  Locally, some say they may be going on soybeans as early as tomorrow and I expect there will be a consistent flow of soybeans into the elevator this time next week.

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