Export bookings were a marketing year low, largely due to the fact that China has been silent these past two weeks. Wheat is not the only commodity with lackluster numbers. 

Disappointing export news on Thursday really pushed the corn market lower. One cargo that was previously sold to China was redirected to Vietnam, and “Unknown destinations” were reduced by 11 million bushels. As China continued to aggressively buy corn over the last few months, the trade started to watch the actual shipment pace to see if they would actually take delivery on those sales. South American weather continues to be a concern as Brazil has turned wetter and Argentina continues to see prolonged dryness. The wetness in Brazil is causing roughly one-third of their Safrinha corn crop to be planted late. 

Something to keep an eye on in the months ahead is the December 2022 futures level. It closed the week at $4.27 but look for some opportunities to price 10-20% of next year’s crop at above $4.00 cash level. One of the best tools you can use is a “firm offer”, you tell us a price you’re willing to sell at and how many bushels and we’ll put the offer in so it works whenever the market is open. This allows that order to get filled on the overnight sessions when no one is in the office. 

Have a good weekend! For market information and competitive bids give us a call at 308-487-3325