Grain > Commentary > 4-5-2021

4/5/2021

Apr 05, 2021

4/5/2021
Corn mixed and beans higher following a weekend of beautiful weather that we are not accustomed to so early in April.  Fund and spec money was busy today repositioning against the old crop/new crop price spread which put some pressure on our old crop corn futures and supported new crop values.  The December corn contract set new contract highs early in the day session which did trigger some new crop cash sales from the farmer.  This morning, the USDA announced the sale of 130k tonnes (4.8 mln bu) of soft red wheat to unknown destination for the 2021/22 marketing year.  The marketing year for wheat begins June 1.  We are less than a week away from the federal crop insurance corn planting date for our area and today is the first very active day for wheat seeding in the territory.  We are forecasted for about 2" of much-needed rain between now and the weekend.  Weather currently looks favorable for field work Saturday and beyond but the moisture accumulation prior may be enough to keep the iron in the yard for a day or two past April 11.  Not much for fresh news today but we will get an updated WASDE report from the USDA on Friday.
 

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