After a “risk-off” day in the markets yesterday (corn was down 8c, beans were down 21c), the market recovered a bit overnight. Other than new export news (or lack of it) from China, day-to-day price action in our markets will continue to be led by weather, and with U.S. temps turning cold at exactly the wrong time (planting season), it feels like there’s a little support out there. Overall planting weather, though, is not seen as a major problem, thanks to dry forecasts in both the 6-10- and 8-14-day outlooks. We also need to remember that corn and soybeans both need to hold on to every 2021 acre they can, which should keep a floor on December corn and November bean futures.
Every Monday afternoon through the rest of spring the USDA will release their weekly planting progress report. Yesterday’s report showed U.S. corn at 4% planted (1% in Iowa), which is one percentage point above normal for the US. Remember, the market will correlate early planting with better yield opportunities, so this will be something we watch from here on out.
Corn is 2 to 3 cents higher
Soybeans are 5 to 7 cents higher