Wednesday May 5, 2021

  • Markets continued their move higher overnight and into this morning – old crop corn seeing to be hitting resistance at the $7.00 futures market 
  • Situation remains the same today
    • Brazil dry and looks to remain that way through the week
    • Strong overall demand despite high prices 
  • Brazilian exports seen to slow this month going from 250 ships in April to an estimated 180 in May 
  • Some corn export sales made to Mexico over the last day as well as some cancelations and new sales made by China 
    • Looks to be positioning moving sales from 2020/21 marketing year to 2021/22
  • See below the corn yields for North and South America over the last 30+ years