8/17/2021

Overnight trade was two-sided but quiet and faded lower throughout the day session.  Yesterday's drop in good/excellent crop condition ratings of 2% in corn and 3% in soybeans was unexpected but did not shock trade.  ProFarmer tour is making its way through Nebraska and Indiana today and early reports are showing some impressive crops out there and receiving most of the credit for the sell pressure on the market today.  USDA made a couple 8am sales announcements this morning with 198,000 tonnes of soybeans to China for the 2021/22 marketing year and 132,000 tonnes of soybeans to unknown also for the 21/22 marketing year.  Weekly export inspections from yesterday were just snuck in just above the bottom estimates with 667k tonnes of corn and 114k tonnes of soybeans inspected.  Both are close to the pace needed to meet the USDA's yearly target but have fallen off drastically over the past month.