MarketEdge PM Comments

(Allison Ryan)

Grains were down across the board. Nearby corn was down 6½ and December was down 5½. March beans were down 15¾ and new crop was down 10¼. Wheat was also down double digits.
 

• We saw some anticipation of the USDA’s Ag Outlook Forum, which is released tomorrow; trade estimates include 91.8 mil acres of corn planted, with a trendline yield above 180 and a carryout of 2.6 bil bushels
• We established new contract lows in the corn market in response; the funds are closing in on their record short established back in 2019
• Ethanol numbers were strong, and inventory was up 4% this past week
• Bean estimates for tomorrow’s report are 86.5 mil acres, with a trendline well above 50 and carryout around 400 mil bu; we took out some key support of 11.79 on the nearby trade month
• South America weather looks favorable enough at this point, it’s not providing any support in this market
• The Dow was higher, crude was down and the Dollar was softer

 
Have a great evening.