3/12/2021

Mar 12, 2021


3/12/2021
Overnight session was strongly lower with corn and beans relentlessly testing their closest support levels.  Despite rumors of Chinese interest in US corn, we were given no confirmation of a sale and grains failed to gather any momentum to make a move higher and spent most of the day session recovering to finish mixed.  Today's action is assumed money flow taking risk off of the table as we still look for a fresh set of fundamentals to trade and give the market direction.  China has been actively buying US ethanol which could be offering some indirect support.  Argentina crop ratings continue to drop with 17% of their corn rating good to excellent and only 6% of their beans rating good to excellent.  Their crops rated in the poor to very poor category for corn and beans are both around the 30% mark.  We continue to have a better understanding of the soybean crop status in Brazil after a string of heavy rains last week.  There does not seem to be a large amount of acre or bushel loss but the focus has changed to possible quality issues in the crop.  After setting new contract highs early in the week, soybeans traded a 68-cent range and finish 17 lower compared to last week's close.  Week to week close on corn is 6 lower after trading a 25 cent range.  Looks like another unseasonably nice weekend is in store for us, enjoy!
 

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