Grain > Commentary > 4-12-2021

4/12/2021

Apr 12, 2021

4/12/2021
No other way to explain trade today besides there was sellers and no buyers.  Corn was slightly higher and beans weaker overnight but a large liquidation at this morning's opening bell had beans trading around 25 cents lower at one point.  Corn was a victim of spill-over weakness.  We did bounce back off the lows but spent the majority of the time remaining in the session inside of a 3-cent range.  We had an 8am flash sale announcement of 132k tonnes of new crop beans to China and 110k tonnes of beans to Bangladesh.  Weekly export inspections were on target with 1.585 mln tonnes of corn, 328k tonnes of soybeans, and 458k tonnes of wheat.  The year-to-date total accumulations for inspections vs the USDA's total export forecasts sit at 55% for corn, 88% for beans, and 80% for wheat.  Fundamentals remain mostly friendly.  In our home area, we did see some oat and wheat acres covered, along with some sugar beet planting, before last week's rain.  Currently, the 7-day forecast does not show much opportunity for field work and we will need some sunshine and warmer temps before it is fit again.  We’re looking a bounce back in tomorrow’s markets, it’s not called "turn-around Tuesday" for no reason.

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