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 Grain Comments   10-15-2021

 

Good Morning:

The grain markets are higher for the 2nd day in a row with corn futures bouncing back above the 200-day moving average. Futures are finding support on the lack of producer selling and firming cash values. The outside markets are rallying for the 2nd consecutive day with the Dow futures pointing to a 170-point gain, crude oil is making new, 7-year highs and the US dollar index is holding near unchanged.

Showers are still lingering across parts of the central and eastern corn belt. These showers are expected to move out of the region this weekend with a much drier outlook in store for next week. Meanwhile, favorable conditions persist for Brazil’s soybean plantings while Argentina needs to see additional and timely rains for crop development.

The average trade estimate for today’s NOPA report has members crushing 155.072 million bushels in September.  If realized, the figure would be down 2.4% from the 158.843 million bushels processed in August and down 4% from September 2020, when crushers processed 161.491 million bushels. Soyoil stocks are seen at 1.663 billion pounds. If realized, the figure would be down 0.3% from 1.668 billion the prior month.

The Buenos Aires Grain Exchange estimating 2021-22 corn seeding at 23.2% complete versus 21.1% in the previous week.

The head of agriculture and biofuels analytics for S&P Global Platts stating soaring fertilizer prices could lead farmers to switch about 3 million acres of corn to soybeans.

China will offer 1 MMTs of state-owned week at auction on Oct 20th.

Have a great day!


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