Morning Comments August 16, 2021

Agronomist In Soybean Field

Grain markets are off to a mixed start this week as we inch closer to the harvest season. Soybeans continue to find support in export sales as the Chinese and other world buyers ramped up the purchases last week. We expect that trend to continue in the coming days, as the Chinese especially need to purchase more soybeans to get them through the next crop year. Our current 8–14-day weather maps look a little cooler and wetter for much of the corn belt, but the real problem spots in the Dakotas continue to miss rains. We’ll see what happens in the crop progress report out this afternoon, BUT as export demand continues to pop U.S soybean supply will be at the forefront of trader’s minds. 

On the corn side of things, the market is going to be paying close attention to the upcoming crop tours to determine just how stressed our production is. Remember, the USDA slashed 21/22 corn yield heftily last week providing us with positive momentum to get out of our range-bound trend. Actual field level data will be important, and I would suspect volatility as the market digests various crop reports in the coming weeks. That being said, mark your calendars for Landus’ own crop tour results announcement for our trade territory September 1st!

Currently:

Corn is mixed

Beans up 4-6

Aug 16 Map 1 Aug 16 Map 2 Aug 16 Map 3