Another day, another huge corn sale to China: USDA reported a sale of 2.108 mmt (83 million bushels) of corn to China for 2020-21. In the past four days, China has bought 230 mb of U.S. corn! USDA also reported a new crop sale of soybeans to China — 132,000 mt (4.85 mb) of soybeans for 2021-22. So far, grains have been moderately higher but volatility is continuing as we see all three commodities turn lower again with what we presume to be profit taking (led by soybeans). It seems like deja vu all over again and it will be interesting to see how the rest of the day goes.
In livestock, mixed trade action this morning as we need to see quite a bit of activity in feedlot country to wrap up cash business for cattle this week. We also expect cash hog trade to be steady to higher today. Farm and Ranch Director Jesse Allen has the latest update below:
