10/7/2021

Slow, two-sided trade overnight for both corn and soybeans.  There was a sharp sell-off at the 8:30 open but prices had recovered to unchanged well before mid-day.  At 8 a.m. this morning, the USDA confirmed two export sales to Mexico for delivery during the 2021/2022 marketing year of 9.6 million bushels of soybeans and 12.4 million bushels of corn.  Weekly export sales for corn and soybeans both netted over 1 million tonnes last week.  Corn outperformed estimates with 1.265 mln tonnes sold and net sales for beans total 1.042 mln tonnes.  Funds and managed money have been diligent in defending the nearest major support levels in soybeans ahead of the monthly WASDE report.  Trade went into consolidation mode quickly following the quarterly grain stocks report and a break out either direction on the charts would be a surprise if it happened before Tuesday's report.  Spring wheat and oats both set new contract highs today.  This is also another new ALL TIME HIGH in oat futures.  Oat futures have been trading at their highest levels in history since mid-August.  In what some would call role-reversal, the small grains have been supporting the corn and soybean futures over the past couple weeks.  The up-trends in wheat and oats are strong but any signs of weakness would be trouble for corn and soybeans.