Morning Comments August 6, 2021

Bin sunset harvest

Our soybean market is slowly crawling back to life after a few export sales announcements were made yesterday morning, which gave the futures market a reason to lift higher. In general, it has been quiet for new crop soybean exports lately, in particular, sales to China. The lack of business on the books for this time of year is rare (other than the year of the trade war), and many in the market are assuming that they will have to come to the table soon. If true, these “flash” export sales reports like we saw yesterday could be the norm here going forward. 

Weather wise, we’ve got some rains coming this weekend and there are parts of the belt that absolutely need them to materialize. Especially when you look out to the extended forecasts: the 6-10- and 8-14-day forecasts are both showing above normal temps and below normal precipitation. When the market opens up again Sunday night, I’m sure weather will be the #1 driver, answering the questions “what happened?” in terms of rainfall amounts and “what changed?” in terms of the forecast. 

Currently

Corn is steady to a penny higher

Soybeans are 5 to 7 cents higher

Aug 6 Map 1 Aug 6 Map 2 Aug 6 Map 3 Aug 6 Map 4