Weekly Market Wrap-Up

September corn opened the trading week on Monday at 5.73 and started trading lower finishing the day down 8.25 cents at 5.6475. November 21 Soybeans opened the week at 13.6625 and closed higher 2 cents at 13.6825. The corn crop condition nationally dropped 2 points week over week to 62% G/E rating. Soybean condition ratings showed bean condition dropping 3% week over week to come in at 57% G/E rating.

Tuesday’s trade showed corn gapping higher on the open just to sell off 9.25 cents to close at 5.5825. November soybeans opened at 13.74 and closed down 12.5 cents to close at 13.6150.

Trade on Wednesday had September corn attempting to rebound as corn opened at 5.5900 and closing 2.75 cents higher at 5.6175. Soybeans continued falling lower on the week as the faded 9 cents on the day to close at 13.5325. Some wetter forecasts helped to support the market today, but at this point, the damage to the crop has been done.

Thursday brought the markets falling lower as commodities across the board were significantly lower. Corn opened at 5.6050 and closed the day down at 5.5000. The trade saw the 50-day moving average on CU21 actually close below the 100-day moving average for the first time since August 24, 2020 which helped scare the markets. The soybean trade saw beans fall 31.75 cents on Thursday to close the day at 13.2000. The 50-day moving average on Soybeans closed below the 100-day moving average on soybeans for the first time since July 14, 2020 adding pressure to the downside of the market.

Friday ramped up the selloff in commodities and saw September 21 corn open at 5.5025 and closing lower by 11.5 cents to finish the week out at 5.3875. The soybean trade on Friday followed the corn market and sold 30.25 cents to close the week at 12.9075. The ProFarmer crop tour finished this week and they pegged the corn crop at 177 bu/acre across the country. Plugging that number into the latest USDA numbers and that reflects ending stocks closer to 1.465-billion-bushel carryout. The soybean number came in at 51.2 bu/acre, which plugged into the USDA numbers from the latest WASDE shows a carryout of 260-million-bushel carryout.

September Corn futures opened the week at 5.7300, and closed the week at 5.3875, losing 34.25 cents.

November Soybeans opened the week at 13.6625 and finished the week at 12.9075 losing 75.50 cents.

September Wheat opened the week at 7.6250 and closed the week at 7.1425 losing 48.25 cents on the week.