Friday February 19, 2021

Markets started the day strong, looking to end the week on a high note however wheat beginning to slip lower as we get into the day trades
USDA Ag Forum estimates corn planted area at 92 million acres for 2021 and soybean planted 90 million acres
- This would be up 1.2 and 6.9 million acres respectively for the commodities
Ag Forum also came out with some strong initial numbers on the demand side of the balance sheet for the 2021/22 year
- More details will be released on that once the conference is complete
Brazilian soybean harvest estimated at 9% complete – compared to this point last year at 21% complete
- Brazilian port basis levels starting to reflect harvest delays – Paranagua (Southern Brazilian Port) posting its first negative basis since 2014
Brazilian first crop corn conversely is now 21% completed harvest compared to last years 18% and the five year average of 16% complete
Weekly export numbers remain all within the expected ranges for corn, beans and wheat