4/29/2021
Apr 29, 2021
A quieter day of trade compared to the beginning of the week. Charts are starting to form consolidation patterns which is healthy following a big rally or sell-off as trade will now re-evaluate market factors to determine direction. Tomorrow is also month ending, where we typically see the market pull back, especially following a huge rally like we saw throughout April. With the weather forecast giving us a sizable window for field work, the chance that we see record planting pace may also add some down pressure to the market. Corn finished mixed on the day and soybeans were 8-11 lower. Wheat was the winner of the day with severely dry conditions persisting in the Dakotas and little relief expected over the next 2 weeks. Weekly net export sales were within estimates for corn and wheat with 521k tonnes of corn and 224k tonnes of wheat sold. Soybean sales came in at 293k tonnes, above the top estimate of 200k tonnes as China was an unexpected buyer of an old-crop cargo of soybeans. It appears that we will be trading weather this year and we will do our best to keep you informed of the changing market conditions but, as always, we still like the use of sell orders, target pricing, and market stops to capture incremental cash values that scale up your average new crop price and give an operation some breathing room. 4 base hits=1 home run. It's time to enjoy some real Spring weather, finally. Have a safe planting season.