Morning Comments April 6, 2021

Bin sunset harvest

The markets continue to churn higher, led by new crop months which set new contract highs yesterday in both December corn and November beans. As of yesterday’s close, managed money is estimated long 420,000 corn contracts, which is very close to the all-time record long 429,000 contracts. Soybean long is 171,000 contracts, well off the record high of 253,000 contracts. 

The rain moving through Midwest the next two days will temporarily halt fieldwork, but the precipitation is welcome. 

Weekly export inspections yesterday were largely as expected. Corn was at 75.3 million and beans at 11.0 million. The current marketing year totals are corn at 1.404 billion (765 million last year) and beans at 1.998 billion (1.168 billion last year). China was the lead destination on the corn shipments and will likely stay on top for a while, as April–June is the peak of their corn purchase program. 

Opening Calls:

Corn: up 2-4c

Beans: up 10-12c