10/29/2021

Grains shrugged off early weakness and corn goes into the weekend after trading strongly for close to the entirety of the day session, setting fresh highs for the day shortly before the closing bell.  Soybeans gain back yesterday’s losses after buying support spilled over from corn and wheat.  The Spring Wheat front month has now set new contract highs in 8 of the last 10 trading days.  Oats continue to climb higher into uncharted territory, setting new all-time highs nearly every day.  No one seems to have a solid understanding of the sudden surge in the corn market other than technical buying to stay competitive with small grains and buying acres for next year.  The USDA made 3 sale announcements at 8am this morning, all for the 2021-22 marketing year; 279,415 tonnes of corn to Mexico, 132,000 tonnes of soybeans to unknown, and 222,350 tonnes of soybeans to unknown.  It’s good to see some export sales but we need to see a lot more for those to become more meaningful and not just routine business.  Weekly cash closes: corn up 30 cents and soybeans 22 cents higher.