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Corn had another good week that was made better following the bullish news in Thursday’s WASDE report. At the start of the week corn planting was seen as 91% complete with little progress being made from last week but at this point in the process limited progress is expected. The dryness in the Midwest and other areas of the corn belt can be seen in the drought monitor below. The USDA agreed with what many in the industry have been saying by reducing US and world ending stocks. 20/21 US ending stocks was adjusted down to 1.107 billion bushels from ...

Volatility continued this week as the market suffered small loses week over week. Corn planting was seen at being 95% planted this week with the first crop condition rating of the year at 76% g/e. Early yield estimates from Barchart.com have national US corn yield at 173.2 BPA for a total yield of 14.4 billion bushels. This implies 90.5 million acres planted with a 92% harvest rate. These numbers would lead to shrinking US ending stocks for 21/22 – NOTE these are just estimates and it is very early in the process. This weeks volatility was a classic example of ...

Volatility was the story this week as you can see the dip and bounce back over the last few days in the chart below. Surprisingly it was not the funds alone that triggered the selloff but rather a more balanced mix of funds, commercials, and farmer selling – in short – it appears to have been a bit of profit taking into the end of the month. Corn had strong exports this week with no major cancellations (despite rumors to start the week).  While these rumors of a cancellation dropped prices aggressively, the subsequent large sales of new crop corn ...

Corn had a decent week following the collapse to end last week’s trading. The biggest news was on the export front where China continued their large purchases of corn adding on to the impressive pace of Chinese buying for new crop. The US weather looks good for planting as some areas continue to try to get their crop in the ground ahead of summer temperatures setting in across the country. Other corn demand news remains positive as the EPA is expected to leave the ethanol mandate unchanged and Brazil’s second corn crop continues to shrink. Brazilian private analysis firm Agro-consult ...

Corn finally had a day with a major pullback as it tested the new expanded limits on Thursday. This move comes after a slightly bearish crop report along with a lackluster trade following it. After the impressive run to this point it makes sense why speculators would take profits and hedgers would begin to manage their risk for this year as we begin to get better picture from the planting starts data. For the bulls, much of Brazil’s safrinha crop will go another 10-14 days without rain continuing to stress the crop. This week the US’ corn crop was seen ...