Apr 23, 2021

Beans higher and corn mixed after both spent the majority of today's sessions trading around a nickel lower following Thursday's big gains.  Buyers resurfaced in the last 20 minutes of trade to push old crop corn and the bean sector into the green to finish the week.  The weekly close on the July corn contract is 61'2 higher and July beans are 95'0 higher.  At midday today, funds were estimated to be long 560,000 contracts of corn and 219,000 contracts of soybeans.  Along with fund money buying, ethanol and soybean crush margins are well into the black, which should see continuing improvement in basis.  Trade is bulled up, expecting to see an increase in soybean crush and corn processing, which would result in another round of cuts to USDA carry-outs in corn and soybeans.  Sunday night will be the first session with new daily price limits with corn at 40 cents, soybeans at $1.00, and wheat at 45 cents.  With markets surging like they did this week, I wanted to take a look back at our local cash corn price from today's date back through 2016.  We finished today at $6.34 for corn in Murdock, up substantially from this same date one year ago at $2.69.  The April 23 average from 2016-2020 was $3.08.  Don't let the fear of missing out outweigh good business decisions.  Looks like Spring is FINALLY here next week, have a great weekend!

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