Tuesday June 1, 2021

  • Overnight markets were met with excited buying after a long weekend with gains continuing into this morning 
  • Corn belt weather looking to turn hot and dry through June, with limited soil moisture built up it is expected that this heat, if realized, will stress the crop 
    • This dry hot forecast swing is being credited for the spark of the excitement in the market today as well as some concern of any frost damage over the weekend in the more North Western growing regions
  • Brazil’s safrinha corn production estimates continue to decline with StoneX coming out with an estimate of 89.7 MMT – well below USDA’s May estimate of 102 MMT 
  • It is expected that Chinese corn planted area will be up 6.2% this year