Morning Comments April 9, 2021

Black Dirt

Grains trading higher this morning with corn up 4 and beans a penny higher. The markets are generally quiet this morning as we head into today’s release of the WASDE report, although wheat futures did manage to push to new highs for the move. The funds continue to add length in corn, adding an estimated 35,000 contracts on Thursday which would bring their running total to 466,000 contracts, a new “unofficial” record. The average trade estimate for today’s WASDE report has corn ending stocks at 1.396 billion bushels vs 1.502 billion in March. Soybean stocks are estimated at 119 million bushels vs 120 million in March. Dry South American weather remains a concern to traders as well. Cooler temps and precipitation remain in the forecast for the Corn Belt.