11/11/2021

Some indecisive action during a quieter day of trade and smaller ranges for corn and soybeans.  Corn traded 10 higher early in the session and then faded into mid-day to finish unchanged-1 lower.  Soybeans traded double-digits higher early in the day session and managed to post modest gains on the day as a beneficiary of positive crush margins.  Spring wheat made a big charge at the 8:30am open, trading around 20 cents higher, and closed the day 9-10 higher.  Fund interest and activity continues to push water uphill in support of the grains and somewhat ignore fundamentals and outside influences such as a lack of export business, comfortable ending stocks, ideal conditions in South America, and a sharp 2-day rally in the dollar.  USDA offices were closed for Veterans' Day today so our weekly export sales and any flash sales (if applicable) will be posted tomorrow morning.  It feels like inflation is priced into our commodities at this point when comparing current market levels on the board to our carryout inventories in grains to the historical data.