Monday March 8, 2021

• Markets pushing to new highs again on the overnights meeting resistance as we get into day trades 
• Beans reacting to concern over South American supply chain due to weather issues – wet weather delaying harvests in Brazil and causing some concerns over quality 
  • Coupled with the belief that we will see steady to lower carryout numbers for tomorrow’s USDA report the bulls feel confident to continue their crusade higher 
  • The delay in harvest will also delay the planting of the second crop corn – the larger of Brazil’s two corn crops 
• As of Friday Brazil reports 37% of soybean harvest complete – well behind last years comparable of 52% complete
• As of Friday Brazil reported 52% of safrinha corn planted – again well lagging last seasons 80% pace 
• Soybean funds continue to be not as long as expected – keeping room to for buyers to keep buying 
• USDA report out tomorrow at noon 
  • Looking at South American production and if any updates were made 
  • Large changes are not expected – but also large moves are not needed, given how tight stocks are and how high prices are even minor revisions can cause major swings