Morning Comments March 19, 2021

Grain Bins

The USDA reported another corn sale to China yesterday morning in the amount of 27.4Mln bu. That was the third consecutive day of an announced sale with the 3-day total at 121Mln bu, all corn sold for the current marketing year. These will all be included in the weekly export sales report next Thursday.  These could have been good-will trades ahead of U.S.-China trade meeting in Alaska, which began yesterday and amounted to little more than posturing/bickering in the opening public session. 

A U.S. weather pattern continues to roll systems through the Midwest every 4-5 days. Dry areas of Kansas and Nebraska have benefited greatly from the rainfall, although the Dakotas have gotten dryer as these systems have all stayed to the south. 

Managed money still have long commodity positions, but have been net sellers this past week as prices have stalled out amid rangebound trade. Estimated long positions are 345,000 corn contracts and 137,000 soybean contracts. 

Opening Calls:

Corn: up 1-2c

Beans: up 3-5c