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Grain Notes 2/26/2021 PM
Comments
(Mike Moellenbeck)
Prices ended the week lower with corn down 2-4 cents and beans down 1-9 cents. Despite the weakness in the market the last few days, for the week May corn was up 5 ¾ and December corn was up 10 ¾ cents. Beans had a strong week as well with nearby beans up 24 ¼ and new crop November futures finishing up 26 ¾.
No new daily export sales announcements today, and. We haven’t seen one since February 12th.
Brazil' bean harvest is still well behind normal at 26% harvested vs the normal pace of 43% complete. The 6-10 day forecast for Brazil shows 2-4” of rain for most of the growing regions. Argentina stays dry during this same time period.
The Commitment of Traders report shows Managed Money positions were net sellers of corn by 4,600 contracts and net buyers of soybeans by 11,000 contracts
The February insurance prices ended up at $4.58 for new crop corn and $11.87 for soybeans.
Brazil’s corn crop planting progress making normal week-on-week gains but the pace is still 30% behind normal. Corn harvest of the first crop is also advancing normally week-on-week but is 14% behind normal.
China’s meal market is taking a major hit off news stories of unreported ASF outbreaks. Even a modest second wave of this disease could cut 6-7 mmt of soybean demand through the hog industry and the accompanying corn demand as well.
Have a good weekend.