Apr 08, 2021
A good day on the board of trade for both corn and soybeans. Some rumblings of possible export business but other than that, not much for new news. Today's strongly higher trade in corn caught many by surprise, with most expecting a move of this type tomorrow. It appears the funds spent today positioning themselves ahead of tomorrow's WASDE report where it is expected that the USDA will cut the corn and soybean carryout numbers. Possible drought stress issues in Brazil's second crop corn also had speculators putting their money down on the long side of the market. The weekly export sales report was mixed with both old and new crop corn reported within their expected ranges. Old crop beans showed net-cancellations in contrast to new crop beans, where numbers came in above trade estimates. It is tough to pin-point a certain reason why corn was so strong today besides just a combination of everything bullish coming forward, similar to our down days where everything bearish gets spotlighted at one time. Tomorrow will be nothing short of exciting in the markets. Nice soaker-type rain showers over the past couple days in our area with more forecasted. Looks like we will have ample moisture to get this year's crop started.
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