Friday April 30, 2021

  • Markets continue jump between either side of unchanged this morning
  • There is no other way to interpret the fact that planting progress has come along extremely well this week and with a good start to planting the markets need to come up with fresh reason for concern over supply to continue to move prices higher
    • The stories remain that Brazil is dry and demand is strong but these are simply not ‘new’ or ‘exciting’ enough to cause new reasons to push higher
  • International Grains Council cut their estimates for 2021/22 world corn production by 1 million MT to 1.192 billion MT, wheat remained the same at 790 million MT 
  • Stats Can released their estimates this week for Ontario crop acres
    • Soybeans expected up from last year at 2.9 million acres
    • Corn expected 2.23 million acres – up from last year
    • Barley and Oats both seeing significant declines
    • Winter Wheat remaining estimated at 0.98 million acres