Mar 29, 2021

Another day of lighter volume ahead of the planting intentions report.  Trade continues to be more about positioning money rather than fundamentals.  On the technical side, corn and beans have both been testing their 50-day moving averages on a daily basis with May beans closing at 1393'0, slightly above their 50-day MA of 1392'7.  It feels like we are in a bit of a down trend but managed money added to its long positions in corn by 17,275 contracts and 6,813 contracts of beans last week.  Fund net positions are estimated at 350,000 contracts long in corn and 116,000 contracts long in beans.  It feels like there is a lot of money sitting on the sidelines ready to come back into the game on Wednesday, they're just waiting to see which side of the market they need to be on.  I am expecting to see a large number of corn acres on the planting intentions.  Weekly export inspections didn't hurt the market but didn't offer much help.  Inspections for the week-ending 3/25 were 1.695 mln tonnes of corn and 425k tonnes of beans.  These were both mid-range of the trade estimates.  Wheat came in below the bottom end of the estimated range at 302k but outperformed expectations the previous 2 weeks.

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