Tuesday May 4, 2021

• Markets giving us a turnaround Tuesday this morning after a lower close yesterday
• StoneX is the first analyst we have seen officially lower their estimate for Brazilian corn production due to concerns over dryness in parts of the growing region 
  • They came out yesterday with an estimate of 100 MMT compared to their previous figure of 105.1 MMT 
• March soybean crush number came in slightly below estimates at 188.2 million bu but above Februarys numbers
• March corn used for ethanol came in at 420 million bu – up almost 100 million bu from February and up about 10 million bu from last March 
• U.S. Planting and Conditions report
  • Corn planting 46% complete – 10% ahead of 5 year average pace
  • Soybean planting 24% complete – compared to average pace of 11% complete
  • Winter wheat conditions ratings fell 1% to 48% good/excellent – still below average of 54%