Early Market Talk October 11, 2021


Tight 3 1⁄4¢ overnight price range in corn to start the week. Soybeans a more sizeable range leaning toward 16¢. Technical picture anything but encouraging on both.

Last week saw CZ21 lose 7 1⁄2¢. SX21 off just 3 1⁄2¢. Both appear to be on the glideslope to first notice day lows. 

Can count on one hand the number of days this year daily soybean volume has outpaced corn. Thursday and Friday last week were two of those days. Soy vol at 140 and 178% of corn respectively. Open interest growing in each with hedge activity helping. 

Brazil soybean planting rolling and well ahead of a year ago. The state of Mato Grosso a year ago this date just 3% planted. Source has them north of 20% heading into this past weekend. 

Updated with CFTC data Friday, Funds net long 238K corn and remains problematic. May well help price hit the above mentioned. Fund net long in soybeans down to a net 43K contracts. 

WASDE monthly Supply / Demand Report tomorrow. Incorporates September stocks data and new yield estimates. A lot of moving parts and as we have seen over the past 18 months, room for a surprise. 

Daily price limit on corn now 40¢ and a buck on soybeans. 

Arguably the best rains of the year over parts of North and South Dakota the past three days. Timing could have been better. 

Dalian corn futures trending lower since January. CME corn futures trending lower since May. 

At 0630 CZ21 trading unchanged at $5.30 1⁄2 with SX21 a penny better at $12.44. Dow futures giving up 80 points at 34,549.

Market Talk Footer

INTL FCStone, Inc. and its affiliates assume no liability for the use of this information contained and expresses no solicitation to buy or sell futures, options on futures contracts, or OTC products. Commodity trading involves risks and past financial results are not necessarily indicative of future performance. Any hypothetical examples given are exactly that and no representation is being made that any person will or is likely to achieve profits or losses based on those examples. Reference to and discussion of OTC products are made solely on behalf of INTL Hanley, LLC. Reproduction without authorization is forbidden. All rights reserved.

E- mail: Bruce.Nelson@IFCS.com

1075 Jordan Creek Parkway Suite 300
West Des Moines, IA 50266

800-422-3087 Ext 3791