Early Market Talk September 22, 2021

Emtwebsite

Low volume night session to this point with just 11K corn and 9K beans trading on the lead month of each. Both sides of unchanged have traded in corn, beans, and wheat. The exception, MN wheat that has been in negative territory all session.

Low volume trade continues. Yesterday saw the third lowest corn trade volume of the year at just 180K contracts. Corn has seen only 4 sessions top the 400K mark since July 1st. Soybeans not much better; have seen only 4 sessions top 200K since July 1st. 

Dow futures trading 225 points higher this morning. Poor performance again yesterday after the pounding and gap lower on Monday’s trade. Crude oil $1.20 higher this morning on the heels of gains yesterday. Trade looking expecting another decrease in inventories with EIA report data later this morning. 

Cash basis walking a fine line. Some locations continue with strong basis as demand stays strong with limited harvest availability. Spread between Northwest Iowa and the eastern belt that was a negative has turned positive by nearly 80¢ to the west. 

Trade talk of China buying 4 or 5 boats of soybeans lifting futures yesterday. Need to sell “boats” of beans to China nearly everyday if we are going to export over 2 billion bu this year. But a move must have a story, right. If that’s all this market has, daily sales that do nothing more than get us to the export total the USDA suggests, this is going to be a tough road. 

SX21 dipped below its 200-day moving average Monday and yesterday. At @12.76 1⁄4 this morning its back above the 200 MA. Corn market also above its 200-day MA this morning. 

At 0600 CZ21 trading 2 3⁄4¢ higher at $5.19 3⁄4 with SX21 2 1⁄2¢ higher at $12.76 1⁄2. Vol totals again on the lite side which has become the norm. 

EIA energy data later this morning. Quick look at week / week soybean crush calculations also later this morning. 

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

www.intlfcstone.com
800-422-3087 Ext 3791
515-223-3791