Morning Comments February 18, 2021

Beans 062419

Trade was quiet overnight. China returns from their New Year’s holiday late this week, where we will see if there is additional short-term buying interest. All weekly market data releases are delayed a day due to President’s Day on Monday, so EIA ethanol statistics will be out today, and export sales will be out tomorrow morning. The USDA outlook forum is underway, and Chief Economist predicts that U.S. baseline corn acreage will be at 92Mln, soybeans at 90Mln, and cotton at 12Mln. That would be a new record-large sum of corn and soybeans, if realized. 

The weather is still an issue, as the eastern third of the country deals with another winter storm and the southern plains remain very cold and without power in some places. This is really causing issues in Texas across the whole spectrum, from providing livestock feed & water to curtailed packing plants. Rail freight is starting to move, albeit slowly. 

Opening Calls:

Corn: steady

Beans: steady