Monday May 10, 2021

• Widespread rains in the corn belt with a warming forecast us reminding the commodities market that the U.S. crops are off to a pretty close to ideal start 
• Stats Canada March 31 wheat stocks came in at 16.2 MMT – down 14% from same time last year, canola stocks also down 38% from last year and corn stocks up 2% at 8.15 MMT 
• Wednesday’s monthly USDA report on the mind of the market this morning as well maybe contributing to some of the sell off today with specs positioning before the report 
• Overall main fundamentals remain
  • Strong demand for all commodities
  • Good start to U.S. planting (will get progress report this afternoon)
  • Regions of Brazils second crop corn are dry
  • Carryouts are tight and need good 2021 production form U.S. to get stocks back to a more comfortable level