Friday May 14, 2021

• Brutal day of sell offs on the market yesterday after the USDA on Wednesday – the report merely confirmed everything we were already trading, tight stocks, good demand, decreasing Brazilian corn crop – but did not offer any new information and reminded us that the 2021 crop year is a new year and a new chance for big production 
• However there does not seem to be a down day in this market that isn’t met with some buying to follow it up – end users likely to use this opportunity to get some sales covered as well as late comers to the rally building back up position at a discounted price compared to where we have been the last two weeks
• Argentine crop progress
  • Soybeans now 71% harvested and corn 25% complete – production estimates remaining steady as their harvests progress 
• Another sale this morning to China for 1 MMT of new crop corn from the U.S. 
• Adding fuel to the sell off yesterday was the news about the bridge in the Mississippi river that had a crack in it discovered later in the day Wednesday that caused a halt in barges going through the river
  •  Today we are hearing that the issue should be resolved over the weekend