6/4/2021

A strong finish to end the week with new crop corn and soybeans looking to set up a possible run at the current contract highs.  Soybeans were the price leader today, closing 33 higher on the day and 53 higher for the week, with the trade focus continuing to be weather and now reports of farmers in North Dakota simply parking their planters and trying to decide if they should burn the fuel and plant for crop insurance.  Corn was the beneficiary of spillover support from the soybeans and higher than expected weekly net export sales with 531k tonnes of old crop corn sold (400k top estimated).  The July corn contract finishes 26 higher from the previous week's close.  Soybean sales were within estimates with 18k tonnes sold.  Argentina corn harvest is currently estimated at 34% complete and is yielding better than expected.  Makes a person wonder if the Brazil corn crop is really that bad?  Much of the US corn growing area needs a good drink but with modern genetics, corn can thrive while lacking moisture.  Seasonally, our December contract high is set sometime around mid-June and steadily declines into expiration.  We are also approaching the time to be sold out of old crop, don't fall victim to the market inverse and make sure you have everything priced to be delivered against the July futures.