Friday April 9, 2021

Monthly USDA out at noon today
- Overall the effect of the report is expected to be short lived with attentions shifting right back to U.S. planting weather
Markets just in the green this morning after a very impressive rally form corn yesterday
Old crop corn lead the charge higher yesterday as reports of Chinas extensive purchasing through the last 6 months were in the headlines as well as reports of lowering production estimates for Brazils safrinha corn crop
China finally official increased their 20/21 Corn Import estimate – from 10 MMT to 22 MMT
- This is still below the USDA estimate of 24 MMT
Buenos Aires Exchange lowered their production estimate for Argentine soybeans by 1 MMT to 43 MMT with 3.5% of the total crop harvested at this point
Buenos Aires Exchange left their corn production estimate unchanged at 45 MMT with 12% now harvested