Markets are mixed with corn up 1 and soybeans down 1 as rumors of Chinese demand for US beans and wheat continue to circulate. The talk of China securing additional grain and soy have been making the rounds all week and there are some indications that China has been active in the cash markets overnight.
China has begun securing soybeans out of Brazil for 2022 as the Chinese see a good value in securing supplies from the Brazilians way out. Brazilian farmers are able to lock in some excellent margins exceeding 50% over their variable costs with the Real struggling. The profitable margins will have them seeding their spring crops fence row to fence row when the planters get rolling next month.
Pro Farmer will release its corn yield estimate later today. The Tour has helped reassure the trade that the US summer row crops will be large when the combines begin rolling next month. However, rains will be necessary to put the finishing touches on this year’s crops.
Have a Safe Day!