4/6/2021
Apr 06, 2021
A bit of a replay from yesterday with corn mixed and beans higher in quiet fashion for the second consecutive day. Yesterday, the USDA released their first weekly crop progress report for the 2021 year and the early season reports typically don't give trade a whole lot to work with. Corn planting in the US was seen at 2% complete, matching the yearly average for this time. Spring Wheat is estimated at 3% complete, slightly ahead of the 2% yearly average. The Winter Wheat condition was the number trade was most looking forward to after the cold snap in mid-February sent wheat futures surging on speculation the wheat crop suffered significant damage. Winter wheat was seen at 53% good-to-excellent, a 7% increase from November's rating, and 4% headed, slightly ahead of the 3% yearly average. We are starting to see market analyst estimates for Friday's WASDE report, with most expecting to see a 100 million bushel or larger cut in the corn carryout number which currently sits at 1.5 billion bushels. Analysts also expect a 2-5 million bushel decrease in the soybean carryout number. If looking to price grain this week, implement sell orders as an attempt capture part of the possible high price spikes we see before and after report releases.