Grain > Commentary > 4-26-2021

4/26/2021

Apr 26, 2021

4/26/2021
Trade was strongly higher from the start Sunday night, with May, July, and December corn contracts gapping higher on the open.  November beans also gapped higher to open last night's session.  The front months for corn traded limit-up almost immediately after the 8:30 open this morning, then eased off only to be locked limit again later in the session.  Fundamentals remain mostly unchanged with the big driver behind today's huge market moves being mostly fund and spec money buying in huge.  The weekly export inspections added some fuel to the fire with corn inspections coming in at 1.951 mln tonnes, 250k tonnes above the top estimate.  Soybean inspections were reported at 234k tonnes and wheat inspections were 564k tonnes, both at the high end of expectations.  There was also a USDA flash sale this morning of 120k tonnes (4.4 mln bu.) of new crop soybeans to unknown.  This week's USDA crop progress report is expected show sizable increases in corn and bean plantings after improvement in weather.  7-Day weather outlook looks favorable for field work and planting pace is sure to pick up and put us ahead of average a week from now. 

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