Monday March 29, 2021

• Mostly quiet markets this morning as expected this week leading into the USDA report on Wednesday 
• Short trading week this week with markets and Snobelen Farms both closed on Friday
• Argentine corn harvest reached 7% this week, behind compared to the average pace of 11% completion 
• Though we are seeing the relief valve of South American soybeans hitting the market place to ease demand – it will still be months before corn start flowing from their ports at a meaningful pace
  • expected to be July at the earliest as Argentine and Brazilian second crop hit the ports
• Matto Grosso (Brazil’s largest soybean producing state at about 25.4 million acres) reported approximately 5% of their 2020/21 production to be non-GMO with that number expected to grow in the 2021/22 season 
  • Matto Grosso farmers see premiums in the range of $1.80-$2.25/bu US for their non-GMO beans 
  • At this point most their non-GMO beans make it to Europe with China beginning to show interest