Thursday February 25, 2021

  • Soybeans continued to forge new higher on the overnights, however are backing off along with wheat and corn this morning as they are met with profit taking
  • Old crop soybeans continue to see demand rationing efforts as the industry copes with the slow arrival of Brazilian supplies
    • Chinese crushers seeing production slowing due to delayed supplies
      • Brazil was expected to export 7.5 MMT of soybeans to China in February, however only half of that has been realized due to harvest delays
  • Brazilian weather turning around coming into the weekend – offering a better chance for harvest activities in Northern Brazil while adding some needed moisture into Southern Brazil and Argentina over the weekend
  • China’s Ag Ministry looking to increase planted corn acres by over 1.65 million acres in 2021 to help manage reliance on corn imports
  • Overall disappointing weekly export numbers as corn and beans failed to reach even the bottom end of their expected range