We are offering Free DP right now on Corn and Beans.  At this time Open Storage can be converted

to Free DP.  Priced by August 31,2021

** Please join us for Retirement Open House for Roger Berry on July 1st 1-4pm at the DC Elevator!  **

June 24, 2021 

CORN

Good afternoon. Another wild day. CN closed 11 cents lower and new crop closed fractionally higher, both off session lows. CN traded a 15 cent range and CZ a 27 cent range. Funds reversed course mid-session and were thought to be net buyers at the close as they added to an estimated long position of 237,000 contracts. The current rain event that may drop too much rain on parts of the eastern corn belt (4-7 inches) followed by drier weather as well as the market getting comfortable with acreage projections next week seemed to stop the selloff in new crop. Acreage estimates for next week show corn at 93.8 mln. acres (Informa reportedly backing down from their earlier 96.8 mln. acre estimate for good measure) and when coupled with expectations of average yield dropping from trend and demand underestimated for both 20/21 and 21/22, there are estimates of a sub 1 bln. bu. carryout for both 20/21 and 21/22. Quarterly stocks next Wednesday estimated at 4.130 bln. bu. – and this number may the sleeper in the report. Weekly export sales were disappointing at 8.5 mln. bu. for old crop and 12.2 mln. bu. for new crop. YTD old crop commitments at 2.737 bln. bu. vs. USDA projection of 2.850 bln. bu. China has purchased at least 23.4 MMT of U.S. corn for 20/21. They are on the books for at least 10.7 MMT for 21/22 and may possibly buy 30 MMT. They have rocketed to our number one corn buyer to go along with soybeans 

SOYBEANS

Soybeans closed 12-14 cents lower in old crop and 8 cents lower in new crop, though both well off session lows. SN and SX trading ranges roughly 40 cents! Funds moderate sellers as they cut into an estimated long position of 102,000 contracts. Decent rains in parts of IA, MO, and the eastern corn belt get the credit for today’s weakness but futures coming off daily lows tied to drier weather moving forward and the trade running the numbers using current acreage projections and confirming tight balance sheets. Acreage expected at 89.0 mln. acres, though there are some estimates that start with a nine out there. China picked up 132 tmt of new crop beans with another 260 tmt sold to unknown for new crop. Most new crop sales are off the PNW due to ocean freight costs. Weekly export sales were 5.2 mln. bu. in old crop and 1.7 mln. bu. in new crop. Disappointing in new crop (they’ll look better next week) but nice to see China pick up a cargo of old crop beans in this week’s sales. YTD commitments at 2.269 bln. bu. vs. USDA projection of 2.280 bln. bu. Quarterly stocks next week expected near 773 mln. bu. The dollar is steady today, crude oil futures up a bit at 73.28, DOW up 350 points at 34225.

WHEAT

Wheat closed 10-11 cents lower with funds moderate sellers and adding to an estimated short position of 7,000 contracts. CIF basis is under pressure, but spreads are firming. Weekly export sales of 13.7 mln. bu. bring YTD commitments to 227 mln. bu. vs. 249 mln. bu. last year