11/22/2021
Malorie Anderson, Grain Marketing Specialist
November 22nd Agtegra Morning Market Insight

Normal Trading hours today through Wednesday. Closed Thursday for Thanksgiving. Friday’s session will open at 8:30 and have an early close.

Corn: up 5
December corn traded two sided overnight but was pulled higher by wheat at the break. Export inspections out at 10am today, corn needs at least 53.0 mbu. Unshipped export sales of U.S corn were .992 bbu as of November 11^th, which is 6% below the level a year ago, which was 1.056 bbu. Yet, we must note this year’s total is still the 2^nd highest in the past 20 years. The US dollar index is higher and energies are narrowly mixed with crude oil slightly lower and products fractionally higher.

Beans: up 4
Soybeans need 34.6 mbu on today’s export inspection. China’s total bean imports in October were 5.1 mmt, down 41% from a year ago. As of last week, AgRural had Brazil’s soybean planting at 86% complete. Planting of the first corn crop was 91% complete. So far Brazil is ahead of normal planting pace, and they have had great rains early, some are saying harvest on beans could start within 60 days.There are slight concerns remaining over Argentina's dryness.

Wheat: Mpls up 17, KC up 20
Wheat needs 16.6 mbu in today’s export inspection. Australian wheat is too wet for harvest and concerns are rising over the quality along with the potential dryness in Argentina. This is noted to be a big influence in this morning’s rally. Russia’s wheat export tax will increase from $77.10/MT to 78.3/MT for the next week, November 23^rd through 28^th.