Mar 05, 2021
After trading firmly higher overnight, new crop corn set a new contract high for the second day in a row and beans close within earshot of their contract highs, leading the way to a strongly higher finish for the week. Bullish support came in from several areas today with a flood of investor money buying in all commodities from grains, livestock, proteins, lumber, etc. Funds flexed their muscle again, maintaining strong support of the 530 level on the May corn contract for the 4th day in a row before midday. Despite growing concerns over ASF, Chinese corn futures were higher overnight, sending a demand signal to traders in the US. Today was also the first opportunity for trade to begin positioning themselves for the WASDE report release on Tuesday. Estimates were out late yesterday showing another trim to both the corn and bean carry outs and an increase to wheat stocks. Corn was estimated at a 1.47 billion bushel carryout (1.50 in Feb report), soybean estimates averaged 117 million bushels (120 mln in Feb report), and wheat is seen to increase to an 839 million bushel carry out (836 mln in Feb report). Week to week, corn was 2 lower and beans were 26 higher. We maintain a long-term bullish bias and this is the ideal market to make sales when you want to and not when you have to. Enjoy the beautiful weekend!
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