Grains are mixed at midday:

Dec Corn unchanged (5.41 ½ )

Nov Soybeans – 8 ¼ cents/bu (12.38 ¼ )

Dec Chi Wheat + 2 ½ cnets/bu (7.57 3/4 )

Cdn $ +0.00375 (79.505 cents)

WTI Crude Oil +2.12/barrel (78.00)

The bean market has had a lot of negative news thrown at it in recent days.  Most notably was the USDA Quarterly Stocks Report which added over 80 million bushels to the 2020/21 carryout.  Also negative is improving moisture conditions in Brazil, ongoing USA harvest, and more talk of increased fertilizer prices for spiring 2022, and the possibility of corn acres shifting to soybeans.  These issues have soybeans on the defensive, and likely to stay that way for the short term.  However, demand remains excellent, and once the market can focus more on demand than supply (ie post harvest), then the soy complex should be well supported.  Overall, commodity price inflation should help grain prices in general, but we have to get through the 2021 harvest first.

This morning, the USDA released their Weekly Export Inspection Report, which showed increased shipments of all major grains.  Corn shipments increased by 27% week over week, while soybean and wheat shipments were both up 74% from last week.  Of the soybean shipments, 340,000 tonnes were shipped to China.

Earlier in the day, the USDA confirmed a Flash Export sale of 426,800 tonnes of corn to Mexico (16.8 million bushels).

After the close of trading, the USDA will release it’s Weekly Crop Condition Report. .  The trade is expecting corn harvest to be 35-37% complete, and soybean harvest to be 27-30% complete. StoneX will release their revised forecasts for 2021 USA production.