Morning Comments March 2, 2021

Grain Cornfield w Landus Cooperative 2016

The markets are drifting early this week, with the lack of any new bullish inputs allowing prices to leak lower. It has been quite the weather change from just two weeks ago with 50’s and 60’s on tap for the Midwest this week and next. The next USDA data drop will be the monthly WASDE supply/demand report one week from today. 

The USDA did release some monthly data on their website yesterday. Soybeans crushed in January were 197Mln bu, up 1.7% from December, and 4.1% higher than the same period last year. Corn used in January for ethanol was 415.8Mln bu, which was 2.9% below December, and 11.4% lower than the same period last year. 

Weekly export inspections were out yesterday. Loadings were solid at 64.4Mln corn and 32.3Mln beans. As a percentage of total USDA projected exports, current marketing year loadouts stand at 39% corn and 85% beans. 

Opening calls:

Corn: steady

Beans: down 3-5c