3/15/2021

Mar 15, 2021


3/15/2021
After spending most of last week on the lower side of range, corn and beans were both weaker overnight and in the early portion of the day session.  The situation in Brazil did not offer much to feed the bulls over the weekend.  Brazil is estimated to be 80% complete with their soybean harvest and the second crop corn is near 90% planted.  Weekly export inspections were extremely supportive for the market, including a near all-time record of 2.204 million tonnes of corn inspected, this was well above the top estimate and the largest single week since 1989.  Wheat was also above estimates with 683k tonnes and soybean inspections were strong with 519k tonnes inspected for export.  Market reacted very positive to this report with corn trading 10 higher.  The NOPA crush numbers for February were also released at 11am this morning.  Most analysts were expecting a record February report at 168.6 million bushels crushed but the numbers were well short of that.  February NOPA crush was reported at 155.1 mln bu, which was a 17-month low and 7% below February 2020.  Today was the first day for the increased spec position limits in grains.  Funds and spec traders can now hold a total of 57,800 corn positions and 27,300 soybean positions. This is nearly double the prior limits.  This may make the planting intentions report all the more interesting in terms of market reaction.
 

Read More News

Apr 24, 2024
Profit taking was the feature of corn and soybean trade after corn rallied 20 cents and soybeans rallied 46 cents over the past week.  Spread correction was also seen today with May price spreads widening back out 1-2...
Apr 23, 2024
After struggling a bit on the tail end of overnight trade, corn and soybeans traded steady higher and looked their most firm heading into today’s close. After chugging higher for a third consecutive day, we viewed some more...
Apr 22, 2024
Some really nice follow-through after Friday's recovery resulted in some key technical signals for trade. Each pullback throughout the day was met with some fast buying. Corn and soybeans followed wheat's lead. Wheat...