Apr 30, 2021

Markets were quiet overnight with mixed trade in corn and beans lower in relatively narrow ranges.  That all changed at 8:30 this morning at session open, which saw corn go from unchanged to 10 higher almost immediately, and steadily climbed throughout the day to limit up, pulling soybeans with it, in impressive fashion.  While limit moves have become something of a norm lately, what we did today involved no fresh news.  New daily price limits go into effect Sunday night and it looks like trade will simply want to test them immediately.  7-day forecast for Brazil shows more heat and continued dryness and production estimates for the country are being updated to sub-100 mln metric tonnes of corn.  ASF continues to be a problem in China with rumors now swirling that they may cancel Brazil bean purchases, or roll them into the following crop year, as the need for soybean meal in China decreases with each new outbreak.  The good weather in front of us, a month-long rally that looks like it may continue into May, and 60+ foot planters traveling across fields at 10 mph or more means that we will have A LOT more corn acres planted this spring than what the USDA told us at the end of March.  Make sure you're comfortable with the amount of risk you have on the table if a dollar suddenly disappears from new crop corn.  Have a wonderful weekend!

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