Early Market Talk August 23, 2021


Weekend rainfall overall less than anticipated going home Friday. Best rain in parts of S MN and NC and NE IA. Dakotas far from advertised. Week ahead does have some rain in the forecast. Overnight trade looks at this as a Missouri forecast. Show me.

Sharp price break Friday as some major technical support areas were breached. Open interest up 10K on corn and near 7K on soybeans. New spec positions on accelerating breakout. Provides some short covering fuel. Perhaps some of that seen overnight. 

At 0600 CZ21 trading 3¢ higher at $5.40 on volume of near 18K contracts. HAS seen a price range of 8 3⁄4¢ covering both sides of unchanged. SX21 now 14 1⁄2¢ higher at $13.05 1⁄4. High to low range of 12 1⁄2¢ and covered unchanged. Wheat markets all higher lead by KC up 11¢. 

Dow futures up 141 points to start the week at 35,200. Crude $1.92 higher at $64.06.

Pro Farmer crop tour had the national corn yield at 177 bpa and soybeans at 51.8. USDA in the August report at 174.6 on corn and 50 bpa on soybeans. StoneX next customer driven survey September 2nd. 

Update with CFTC date we have Funds long 244K corn and 57K soybeans. 

Similarities on the SXSN with last year with one major factor yet to be seen. More on that later this morning. SXSN trading 9 3⁄4¢ carry this morning. The best since June of a year ago. 

CZCH still hanging around the 7 1⁄2¢ area. SXSF trading 5¢ overnight. Crop conditions this afternoon expected seasonally unchanged to lower. Export inspections at 10:00 with one more week in the crop year to go. 

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