Mar 02, 2021

Weaker trade overnight in both corn and beans turned strongly higher in our day session on what could be best described as the buying simply outweighed the selling today.  We were able to recover a good portion of Monday's losses with corn and beans both settling in the middle of their 3-week trading ranges.  We did have a daily export sale announcement this morning of 175,000 tonnes of corn to Japan for the 2021/2022 marketing year.  This is the first daily export sale announcement since February 12 and we have no seen China as a flash buyer since January 29.  The United Kingdom announced that it will double the amount of ethanol blended in motor fuel from 5% to 10%.  This should be friendly long term for both ethanol and corn demand.  Some parts of Brazil received excessive rains overnight, with one isolated area receiving 10" of rain.  It is too early to know if the high amount of precipitation will result in any significant crop damage.  Overall, weather leans friendly for soybeans.  Argentina continues to see increased drought stress and the US drought monitor has seen little-to-no improvement over the past couple weeks.  Continue to evaluate your operation's risk and set new crop pricing goals accordingly.  In terms of market, this spring will be interesting.

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