3/9/2021

Corn weaker and soybeans mixed in both sessions leading up to 11am.  Unlike the past few WASDE report days, trade was reserved and subdued early.  There wasn't much in terms of expectations for this report and the USDA released what can best be described as a snoozer, offering only miniscule changes from the February WASDE numbers.  The USDA did make small increases to the world ending stocks for corn and beans but left US numbers unchanged in a largely neutral report.  Algorithm trade pushed corn 5 lower and beans 12 lower as an immediate reaction to the report but both recovered to their pre-report trading levels before noon.  The renewed buying interest carried late into the session, with beans finishing 6-7 higher, supported by soybean oil setting new contract highs for the fourth consecutive day.  Barring any surprises, we will likely remain rangebound until the planting intentions report is released on March 31.  Soybean harvest in Mato Grosso, Brazil is estimated at 67% complete, well behind average but the pace has improved.  We will continue to look at S. America and evaluate the situation down there, as well as, begin to think about spring field work.  It looks like conditions have the making of an early spring which usually means big acreage numbers.