March corn futures gained 7 3/4 today to end at $4.35 1/4. That is up 7 week on week. December 2021 corn ended at $4.14 3/4, gaining 4 today and up 6 1/2 for the week.
January beans added 9 1/4 today, to end at $11.93 1/4, gaining another 12 this week. March soybean futures ended at $11.95, up 9 1/4 today, and almost 14 higher for the week.
Please note that November 2021 futures while gaining about 10 cents this week, and ending around $10.58 today, are now more than $1.35 less than January and March futures. That spread inverted further this week.
During this holiday shortened week, there weren’t a lot of BIG stories, but there are somethings to discuss. The Export sales report for last week showed 65.6 million bushels of corn sold and another 28.2 million bushels of soybeans sold. That puts the U.S. at 87% of the USDA’s projected 2.2 billion soybean bushels for the year. Beyond that, there was a flash sale of corn announced today of more than 302,000 tons to Mexico. That’s another 11 million bushels. We continue to expect more Chinese purchases of corn in the near future, too.
More info about items impacting corn and soybean values can be found on our Bull Bear Banter podcast: https://www.podbean.com/eu/pb-...
Also, this week, during Tom’s Take, I have an update on a year-long challenge issued May 1st. I think you’ll have to listen to the podcast to get the full effect.
Have a GREAT weekend.