Monday, April 19, 2021
Closing Markets: Corn +7 old & +8 new. Beans +17 old & +10 new.
Wheat no change.
Market Recap:
Corn futures ended the session slightly higher today. Trade started out the week on the positive side with weather being the primary catalyst for the rally. Global weather was seen as supportive with dry conditions expected in Brazil, the northern U.S. Plains, and Canadian Prairies. NASS will release updated progress numbers this afternoon. The expectation is to see approximately 9% of the U.S. corn crop planted. A week ago, U.S. corn planting progress was estimated at 4% complete. Corn planting continues to take place in some areas across the Midwest. Weather maps indicate the Midwest will see a rain/snow mix early week followed by warmer temperatures this weekend.
Soybeans were also higher today. Tight old crop and new crop balance sheet projections coupled with firm old crop domestic basis offered support. Soybean values continue be supported by soy oil, and more importantly, the entire vegetable oil complex. Soybean planting has been noted in some areas across the Midwest the last few weeks. NASS will release updated progress numbers this afternoon. The expectation is to see approximately 3% of the U.S. soybean crop planted.
Funds Daily
C +391,000 (+8,000); S +121,000 (+8,000); W -32,000 (-); SM +37,000 (+3,000); BO +66,000 (-3,000)
Have a great evening!
April Morgan
Grain Originator – Atwood, IL
Topflight Grain Cooperative, Inc.
Phone: 217-615-1348
Email: amorgan@topflightgrain.com
This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable, but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
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6 hours ago
Monday, April 19, 2021
Morning Markets: Corn +9 Old & +8 New. Beans +10 Old & +8 New. Wheat +4.
MARKET SUMMARY:
Corn futures were 7-9 cents higher overnight, soybeans were up 10-12 cents, and wheat gained 4-5 cents. The US Dollar was sharply lower, as were the equity and energy markets. We are now at a stage where trade will pay more attention to the weekly plantings progress numbers. Planting has been taking place across the Corn Belt for the past few weeks, but as more regions reach their insurance dates, activity will build. We have heard of some areas holding up on their planting until weather improves and soil conditions are more favorable, but for the most part, fieldwork is taking place. The greatest worry has been the lack of rainfall in the Upper Plains, especially in the Dakotas. Farmers in this region have opted to move ahead with their plantings though and hope rains develop. Trade is also becoming more interested in which crops are being seeded. We have heard several reports of soybeans being seeded ahead of corn this year. One reason for this is recent studies that show the earlier soybeans can be planted the better the odds of higher yields. Another is that producers are trying to capture the inverse between old and new crop futures. What trade is most interested in with this development is if we may see more soybean acres as a result. This possibility is starting to cause a slight shift in market attitude.
Crude Oil is down $0.19 at $62.94.
US Dollar is down $0.431 at $91.125.
Global Equities: Japan -0.2%, China +0.5%, and Europe +0.2%.
Dow futures is down 99 points at 33,982.
EU MATIF Exchange: Corn +1.3%, and Wheat +0.2%.
Malaysian Palm Oil: -0.3%.
Dalian: Corn +0.3%, Soybeans -1.3%, Meal +1.2%.
WEATHER:
• Fieldwork picked up again across the Midwest this weekend as rain totals were lighter than expected. Tuesday brings snow chances across the region, with freezing temps expected Tuesday and Wednesday nights. The precipitation will be light but the fact that it will snow is tough on the spirit. Temps will warm up quickly by the weekend. Dry weather in Texas and the northern plains are generally supportive to wheat markets.
OTHER HEADLINES:
• This afternoon’s crop progress report is expected to report US corn seeding to be near 10% complete versus 4% last week.
• China sold 410,700 tonnes of wheat, or 10% of the total offered, at an auction of state reserves last week, the National Grain Trade Center said in a statement on Monday. The volume sold at an average price of 2,401 yuan ($367.68) per tonne, declined further from the prior week after the government raised the floor price for wheat sales on April 12.
• Ukraine's 2021 grain harvest is likely to rise by 13% to 73.6 million tonnes thanks to favorable weather, analyst APK-Inform said on Saturday.
• Ukrainian wheat export prices have resumed growth last week, adding $5 a tonne over the week amid uncertainty over the weather in the United States and Europe, the APK-Inform agriculture consultancy said on Monday. Bid prices for high-quality soft milling wheat increased to $237-$241 a tonne FOB Black Sea port, APK-Inform said. Feed wheat also rose by $4 a tonne to $232-$237 FOB Black Sea. Ukraine sold about 57 million tonnes of grain to foreign buyers in the 2019/20 season, while the government has said exports could decline to 45.7 million tonnes in 2020/21 because of a weaker harvest.
• Friday’s COT report showed that funds are net short 13,217 contracts of Chicago wheat, up 5,634 contracts, long 401,993 contracts of corn, up 15,374, long 142,258 contracts of soybeans, down 12,047, long 43,830 contracts of meal, down 17,515, and long 81,165 contracts of soy oil, up 4,128 contracts.
• The CDC is reporting half of all the US adults have now received as least one Covid-19 vaccine dose. More than 129 million people ages 18 and older have received at least one shot, or 50.4% of the total adult population.
EXPORT NEWS:
• N/A
Have a great day!!!!
Chelsey White
Emery Manager & Originator:: Topflight Grain Cooperative, Inc.
593 Emery Rd :: Maroa, IL 61756
Phone:: 217-794-2240
E-Mail:: cwhite@tfgrain.com
Web:: www.topflightgrain.com
This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
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14 hours ago
