Grains are higher in overnight trading:

Dec Corn + 2 ¾ cents/bu (5.15)

Nov Soybeans + 4 ½ cents/bu (11.99 ¾ )

Dec Chi Wheat + 4 ½ cents/bu (7.23 ¼ )

Cdn $  +0.00375 (80.79 cents)

WTI Crude Oil +0.91/barrel (81.35)

Grains are showing a small bounce higher this morning, in a void of new fundamental grain marketing news.  Outside markets are supportive, with energies, metals, and US equity markets all solidly higher this morning (Dow futures are up 287 points @ 34,544).  The grain market will be anxiously looking for news of further evidence of Chinese buying of US grains from the USDA’s Flash Sale Reporting later this morning, and in tomorrow’s Weekly Export Sales Report.

New crop corn began to be delivered in earnest to Wanstead Farmer Co-op locations yesterday.  Overall quality is excellent, and reported early harvest yields are extremely good so far.  The biggest surprise to me is how low the delivered moistures are for the corn.  At our Wanstead elevator, corn moisture yesterday ranged from a low of 18% to a high of 22.5%, while our Alvinston facility saw corn moistures range from 20 to 25%.  This is an unscientific sampling, and of course, varietal differences play a huge roll, but for the most part, corn moistures are coming down quickly (a very nice change from harvest 2020)!!!

While much of the Midwest got some rain yesterday, today, precipitation will be limited to the southeastern/eastern region of the Corn Belt.  Overall conditions look dry over the weekend, and through next week, although rains do re-appear in the 11 to 15 day forecast window.  It is drier in Argentina, with only scattered showers forecast for the next week.  In the meantime, southern Brazil is forecast to get soaking rains, with all crop areas expected to see good moisture through the weekend.