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