Tuesday March 2, 2021

  • Funds still trying to find their footing after rolling futures and entering a new month of trading – pushing higher this morning after a dip as we entered March 
  • Wheat leading the markets this morning with decreasing conditions ratings coming  from the U.S. 
  • StoneX made adjustments to their Brazilian crop production estimates
    • Soybeans up to 133.5 MMT (up 0.7 MMT from last estimate)
    • Corn down to 108.5 MMT (down 1.7 MMT from last estimate)
  • Australian wheat production estimates for 2021/22 are down 25% from last season due to wide spread dry weather reducing planted acres as well as yield potential 
  • January crush numbers came in strong at 196.5 million bu – a record for the month of January and just below Octobers all time record of 196.6 million bu 
  • Corn used for ethanol in January disappointed at 415.8 million bu – down about 16 million bu since December