9/24/2021

A very quiet day of trade with corn trading inside a 4-cent range and soybeans within an 11-cent range.  Funds and managed money remain sidelined while most are evaluating their position going into next week where the USDA will release the quarterly grain stocks report on Thursday.  Trade has steadily consolidated since the September WASDE report and the grain stocks report will provide us with a much-needed set of fresh fundamentals to trade and give our market some direction.  There was very limited news to trade this week and I expect we remain neutral/lower to start next week, barring any surprises.  Weekly close for corn is 6 higher and soybeans improved 4 cents on the week.  New crop basis remains historically strong going into the weekend and we recommend setting basis for hedged corn that will be delivered during the new crop period.  Murdock will be loading a soybean train tomorrow, September 25, and will be unable to receive corn for the day.