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