Early Market Talk May 25, 2021

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Corn mixed overnight on modest volume. Soybeans on the positive side of unchanged trading as much as 15 1⁄2¢ higher. Soybean planting pace near 5% behind trade guess helping overnight price action. Soybeans also showing decent overnight volume totals.

CN21 trading off 2 1⁄2¢ at 0600 in a 9 1⁄4¢ high to low range. SN21 now 10¢ higher at $15.32 3⁄4. Soybean high made in the first couple hours of overnight trade. Slipping off that since but rebuilding as the sun comes up. Soybean oil a cent higher. 

Dalian corn futures lower for the second straight day and trending lower. 

Dow futures up 93 points this morning at 34,445. Crude off 12¢ at $65.93. US $ Index showing a modest decline this morning. 

Planting progress showed 90% of the corn in the ground. Up from 80% a week ago and the 5-year average for this date of 80% also. Will take a quick look at major states progress and the deviation from ave shortly. 

Soybean planting at 75% was 5% behind the trade guess but still up 14% wk/wk and 21% ahead of the 5-year ave pace. 

SXSF posting a carry overnight and this morning. 

Weekly corn export inspections showed 68 million bushels of corn leave the country with China taking nearly half. Corn inspections at a pace that will exceed current USDA estimate. 

Safras & Mercado forecast Brazil’s 20/21 soybean crop at 137.19 MMT, up from earlier forecasts of 134.1 MMT. 

Morning weather headlines - U.S. corn/soybean planting remain ahead of 5-year average. Dry this week, but rain for southern safrinha areas next week. More rain expected for Western Australia wheat areas. 

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