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Gary's Blog 10/13/21 1:02:43 PM
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10-12-21
Harvest Progress
TW LW AVG OH
Corn 41% 29% 31% 19%
Beans 49% 34% 40% 33%
10-13-21
The post report hangover had futures deep into the red today as losses of 5-20 cents were seen. Without a bullish catalyst the market continues its seasonal and recent trend lower with better yields being reported. It really is amazing how well the crop handled the drought conditions in the WCB. Locally producers are hard at it trying to beat the incoming rain. The weatherman is calling for 2+ inches Friday and Saturday for NW Ohio. 70-80% of the bean crop should be harvested by then. Please check the website for updated harvest hours.
10-12-21 Report
Carryout 21-22 (BB)
Oct Avg Est
Corn 1.500 1.432
Beans .320 .300
Wheat .580 .576
Yield 21/22
Oct Sept
Corn 176.50 176.3
Beans 51.5 50.6
The report didn’t disappoint with yields getting larger and carryout’s swelling. Beans (as expected) was the most bearish as a once tight supply situation is no more. With demand lower (crush/exports) and yield (production) higher the carryout is now back at a comfortable level. The realization of 80mb from last year in the Sept stocks report put the nail in the coffin for the once dominate bulls. Funds have even liquidated most of their long positions heading into today’s report. Corn could be considered neutral at face value but again carryout’s have increased to the point of comfortability.
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