May 04, 2021

Corn surged higher again, setting a new high on the July contract at 704 late in the day but was unable to close above the 700 level.  Markets were stronger overnight and there was a buying spree at the 8:30 open, this was immediately met with profit taking until the monthly export numbers came in.  The monthly US corn exports recorded an all-time record of 9.47 million tonnes (373 mln bushels) in March, shattering the old record of 7.75 mln tonnes set in May, 2018.  Also providing significant support today was ethanol exports for March, where the USA shipped 48.3 mln gal to China, nearly tying the all-time record from April, 2016.  Soybean trade continues to find strength from the soybean oil market, which has been consistently setting futures contracts highs for the past 3 weeks.  Our updated planting progress numbers late yesterday showed corn plantings vaulting way ahead of the 36% 5-year average, to 46% complete (48% last year, 17% week ago).  Soybean planting also made a sizable leap, from 8% last week to 24% complete this week (21% last year, 11% average).  Locally, there are some early planted sugar beets being replanted.

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