Tuesday October 5, 2021

• Markets backing off some of the gains made in the past couple of days here this morning – soybeans leveling out, searching for a new trading range after last weeks fundamental shift
• U.S. harvest continues to roll along and so far it seems like yields will be coming in as expected
  • we do have a USDA monthly report next week where it will be the USDA’s first chance to update their yields with some of the early yield data reported
  • We are expecting to see private yield estimates rolling in this week – see StoneX’s below 
• Harvest & Planting Progress
  • Corn harvest 29% complete – ahead of average pace of 22% 
  • Soybean harvest 34% complete – ahead of average of 26% 
  • Winter wheat planting 47% complete – just ahead of average pace by 1%
• Ag Rural reported 4% of the Brazilian soybean planting expected to be completed – of the 98.6 million acres total expected to be planted
• StoneX released their updated estimates for 2021 yields
  • Corn at 176.6 bu/ac – this is lower than their estimate last month but still 0.3 bu/ac higher than the USDA’s September estimates 
  • Soybeans at 51.3 bu/ac – above their last estimate and above the USDA’s Sept yield by 0.7 bu/ac