Weekly Market Wrap-Up
Grain Market Commentary
Friday, September 17, 2021
by Harrison Reiff, Associate Merchant, The Andersons
September corn opened the trading week on Monday at 5.1750 and started trading lower finishing at 5.1325 on the day. The SX21 futures opened the week at 12.9000 and closed lower on the day 5.25 cents to finish at 12.8475. The crop condition ratings showed corn dropping 1% G/E rating to sit at 58% G/E and soybeans stayed the same at 57%.
Tuesday had corn start rebounding slightly as reports of low test weights and tar spot started spooking the market place. Corn opened the day at 5.14 and closed higher 6.25 cents to 5.2025. The soybean trade showed soybeans trying to rally back up to 12.9750 but then traded lower to close the day down 3.25 cents on the day.
The market continued higher on Wednesday, following through on Tuesday’s action as more traders heard about the low test weights and balance sheets were reconfigured, with December corn futures rallying 13.25 cents to close the day at 5.3350. Soybeans followed corn on the rally and finished higher 11 cents on the day to close at 12.9450.
Thursday showed corn pulling back slightly 4 cents to finish the trading session at 5.2950. Soybean trade closed down half a cent from the open to finish at 12.9600. Export sales remain to be an issue with sales coming in around 46.5 million bushes which is close to half of last years total which is preventing corn and soybeans markets from rallying too hard.
Friday had December corn trade down 3 cents from the end of the day on Thursday to close the week out at 5.2725. Soybeans closed the week out with SX21 futures closing lower 11.5 cents to finish the week out at 12.8400.
December Corn futures opened the week at 5.1750, and closed the week at 5.2725, gaining 9.75 cents on the week.
November Soybeans opened the week at 12.90 and finished the week at 12.84 losing 6 cents on the week.
December Wheat opened the week at 6.90 and closed the week at 7.0875 gaining 18.75 cents on the week.