Good morning,

Corn and soybeans are both unchanged to start the day. The corn market was down sharply again yesterday as traders continued the selloff following Tuesday’s report.

Following Tuesday’s report there are several traders and analysts that feel the final US soybean crop size could increase and that demand for corn and soybeans could drop from USDA expectations. Harvest pressure along with favorable South American weather will continue to weigh on US prices. Long term I look for soybeans to be the leader in the markets and at this point would expect that direction to be lower. Better yields, lower demand and expectations for a larger South American crop all point to beans heading lower.

Traders will be watching the ethanol production report later this morning to see if we get another solid number after last week’s production of 978K barrels per day.

Reminder that Compeer Financial will be onsite today serving bag lunches from 11am-1:30pm.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are weaker this morning with corn down 6 and soybeans down 9 as we await the USDA report at 11am. Trade estimates are listed below.

USDA 2021 Yield (bu/acre)

USDA 2021 Production (billion bushel)

USDA 2021/22 Carryout (billion bushels)

In addition to this report at 11, we will have export inspections and harvest progress released today.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are 3 higher in corn and 9 lower in soybeans to start the week.

Today is Columbus Day, so there will be no reports released today but we will have a big data dump tomorrow. Tomorrow we will have the USDA Production and Supply/Demand report, export inspections and harvest progress all released. The average estimate for tomorrow’s production report are listed below:

USDA 2021 US Yield (bu/acre)

USDA 2021 US Production (billion bushel)

USDA 2021/22 US Carryout (billion bushels)

Now that the 2020/21 balance sheets are complete (September 30^th report), the markets can focus on the new crop situations. The size on the 2021/22 crop continues to be debated. Yield reports are all over the board locally and across the Midwest. Some traders are anticipating the yield in Tuesday’s report to be higher than the USDA’s estimate last month of 176.3 bushels/acre, while others doubt this is possible given the crop conditions. The lower yield argument is supported by crop condition ratings that remained modestly below last year’s levels that were the second lowest of the last nine years. (Last year’s yield was 171.4 bushel/acre)

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Corn is up 4 and soybeans are down 3 as we start the week.

The lead story this morning is about trade talks with China.  U.S. Trade Representative Katherine Tai on Monday will seek new talks with China over its failure to keep promises made in a “Phase 1” trade deal struck with former president Donald Trump, but will not pursue “Phase 2” negotiations over Beijing’s state subsidies and other structural issues.

Senior Biden administration officials said Tai will pursue a virtual meeting with Chinese Vice Premier Liu He to discuss the trade deal “soon” while starting a “targeted” process to revive exclusions for certain Chinese imports from punitive U.S. tariffs.  Tai will deliver long-awaited remarks outlining the Biden administration’s China trade strategy at the Center for Strategic and International Studies, a Washington think-tank, at 10 a.m. EDT.  The coronavirus pandemic hit Chinese purchases of U.S. goods hard, and they have been running at only 62% of the target, according to estimates by Chad Bown, a senior fellow at the Peterson Institute for International Economics.

Trade issues with China and better than expected bean yields have the bean market lower again this morning. China is on holiday, so any increased buying may be limited. The Funds are long corn again and long very few beans.  The wheat market is caught in the middle with a small net long.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com

Good morning,

Markets are higher this morning as traders prepare for the 11am Stocks report. Corn is up 7 and soybeans are up 8 at the time of this writing.

Here are the estimates for today’s report that will be released at 11am.

USDA September 1 U.S. Grain Stocks (billion bushels)

The USDA will release Sep 1 stocks today. Trade est US Sep 1 wheat stocks 1,852 vs 2,158 ly, corn 1,155 vs 1,919 ly, soybeans 174 vs 525 ly.  Over the last few USDA stocks report, USDA numbers were below trade est, futures were sharply higher. Feed demand will have to have fallen off a cliff for this report to be bearish as stocks were exhausted to finish the season.  Drought conditions and early maturity have started an early harvest where supplies moved into the system in early September instead of October.  Supplies also weren’t able to leave the US Gulf with shutdowns in New Orleans.  There could easily be some comingling of old and new crop stocks on this report.  Premiums were also high with corn and beans trading 1 dollar over to get supplies to market.

The US Government came to an agreement to avoid a shutdown, with funds available until December.  One thing at a time, the debt ceiling will be next followed by debates re: the relief and infrastructure bills.

Have a Safe Day!

Garry Gard

920-348-6844

ggard@didioninc.com