8/24/2021

Another turn-around Tuesday with corn and soybeans both the beneficiary of big technical bounces higher after last week's steep losses of around 35 cents in corn and 70 cents in soybeans.  Selling into these rallies is a great approach and it was good to see some fresh new crop business done today for delivery into the elevator this fall.  The USDA confirmed two export sales for the 2021/22 marketing year with 132,000 tonnes of soybeans to China and 125,300 tonnes of corn to Mexico.  It seems the PNW market had some more life throughout today and it wouldn't be a surprise to see the USDA confirm additional sales as we progress through the week.  Weekly crop progress conditions were adjusted lower for corn than what trade was expecting with the crop seen as 60% good/excellent (61% estimated, 62% last week, 64% last year).  Soybean condition at 56% g/e was on target with trade expectations (57% last week, 69% last year).  We are moving into a time of the year that can be a gray area in terms of the crop condition ratings having weight on the market as the crop closes in on full maturity.  Silage cutting is well underway with our area, reports have varied but averages seems to be hanging in the lower 20's for tonnage/acre.  Another 1.3" of rain in Murdock last night/this morning.