Morning Comments March 16, 2021

Springanhydrous

The markets staved off a lackluster start yesterday and bolted higher, led by old crop corn. The weekly export inspections were out mid-morning yesterday with very impressive numbers. Corn was 86.8Mln bu, which was a current marketing year high, and the 2nd highest inspection week ever. Primary destinations were Japan, China, and Mexico, although many other countries were also involved. Beans were 19.1Mln bu, which is a current marketing year low. China was the lead destination. The U.S. corn program will be robust through May, as beans continue to tail off in favor of South American supplies. 

The NOPA February soy crush estimate came out yesterday at 155Mln bu, while the trade was estimating 168Mln bu. The lower number is likely due to more/longer power disruptions than anticipated from the February polar vortex storm. 

The southern U.S. is planting corn, with Texas reported 26% planted and Louisiana 14% complete. 

Just out this morning- the USDA export sales flash of a 1.1MMT corn sale to China. Giddy-up. 

Opening Calls:

Corn : up 3-5c

Beans: down 2-4c