Tuesday May 11, 2021

  • Markets seeing some green on the board this morning after a steep sell off yesterday – likely to work back up to see if we can get back to highs made Friday
  • Private analyst AgRural lowered their estimate for Brazils safrinha corn production for 2020/21from 73 MMT to 65.1 MMT – which would put their estimate for total Brazilian corn production at 95.5 MMT 
  • U.S. weekly crop progress and conditions report
    • Corn planting progressed well last week now with 67% of the crop in the ground – ahead of the 5 year average pace of 52% planted 
    • Soybean planting also had a good bump last week now at 42% complete – almost doubling the average pace of 22% complete 
    • Spring wheat planting now 70% complete
    • Winter wheat conditions ratings came up a point to 49% good/excellent – still below the average ratings of 54% g/e