Morning Comments February 23, 2021

Beans 062419

The stronger markets overnight were led by soybeans, which are firm on a wetter forecast in Brazil, which will further delay harvest. The weekly export inspections were out yesterday, at 48.5Mln corn and 26.5Mln beans. Both were below the week prior, but the overall export trend is still very strong. YTD inspections total 945Mln on corn, which is 80% higher than last year. YTD soybeans total 1.871Bln, which is 76% above last year. 

Crude oil is approaching $62/BL and palm oil is on new contract highs. Everywhere you turn, commodity prices are higher. Food inflation fears worldwide are becoming a reality. 

The next USDA monthly supply/demand report is two weeks from today. All eyes will be on exports and ending stocks; the current trend would validate further upward adjustments to exports. 

Opening Calls:

Corn: 1-3c higher

Beans: 12-18c higher