Morning Comments April 5,2021

Springanhydrous

The markets were mostly higher overnight, led by new crop months in the aftermath of the surprising acreage report last week. U.S. weather continues to look good, with rain chances mid-week followed by 7-10 days of cooler/drier conditions. The monthly WASDE supply/demand report will be out this Friday. 

Macro markets of note include firmer equities on the better-than-expected March jobs report last week. Crude oil and energies are lower on the OPEC decision to increase oil production in stages from May to July. 

Managed money were big commodity buyers following the stocks/acreage report last week, and are now estimated to hold current longs of 395,000 corn contracts and 142,000 soybean contracts. 

Opening Calls:

Corn: old crop steady, new crop up 3-5c

Beans: up 8-10c