3/22/2021

Mixed trade overnight and mostly lower during the day session as we finish another day of range trade and position setting ahead of the planting intentions report and March 1 stocks report.  Estimates for the USDA's planting intentions report have been generally the same with estimated corn acres pushing the upper end of the threshold and bean acres coming in short.  The weekly export inspections were encouraging, with corn coming in big for the second week in a row at 1.962 million tonnes.  Soybean inspections were at the upper end of estimates at 489k tonnes.  Wheat inspections were 648k tonnes and was above the top estimate for the second consecutive week.  Big news today was the Canadian Pacific and Kansas City Southern railroads agreed to combine, creating the first US-Mexico-Canada rail network and creating a new single-line offering for international rail freight.  To review, overall, our old crop corn futures are still a premium compared to the current USDA carryout, trade is expecting the carryout to be lowered to a 1.2-1.3 number, where we are trading currently is a nice a number to sell into.  Glacial Plains is currently offering free price later on new deliveries of corn, pricing deadline is October 13, 2021.