We are offering Free DP right now on Corn and Beans.

At this time Open Storage Beans can be converted to Free DP. 

Free DP Corn is limited to new deliveries.

Priced by August 31,2021

May 7th, 2021 

CORN

Almost like a broken record, corn futures closed higher again today. July futures finished higher every day this week and gained 59 cents in the process. New contract highs were set again down the line for corn. The same storylines continue to offer support. The weather forecast in Brazil remains dry into next week. There is a small chance of rain late next week, but confidence remains lows. Private estimates continue to be downgraded. The USDA was at 109 MMT for Brazil corn last month but will likely move it lower next week. Informa estimated the corn crop at 95 MMT. The USDA will also update the U.S. balance sheets next Wednesday, including issuing the first look at the 21/22 balance sheet. The crop progress report on Monday afternoon is expected to show another jump higher in corn planting progress for last week’s 44% planted. Rain and cool weather will move through the eastern corn belt again this weekend before a drier stretch occurs next week. There should be a couple windows for planting over the next 10 days. The extended forecast is showing normal precip and normal temps into the end of May. The wheat market was higher again today as it continues to follow corn. Parts of the eastern plains should see some better rain chances over the next few days. Cash markets continue to be generally strong, which gives additional support to corn futures. The USDA announced a sale of 1.36 MMT of corn to China in 21/22. They also announced a sale of 188K corn to unknown destination, which was split between 20/21 and 21/22.

SOYBEANS

Soybeans finished higher again today as July soybeans barely missed the $16.00 mark. New contract highs were set down the line for soybeans. Malaysian palm oil traded into new all-time highs as vegoil markets continue to rally. The tight old crop balance sheet and strong basis continues to offer support. Soybean meal closed sharply higher, as July meal futures traded to the highest level since late December. Soybean bean oil traded into new highs today in the July contract. Brazil shipped 17.4 MMT of beans in April, with 12.6 MMT headed to China. China imported 7.5 MMT of beans in April, up 11% from the previous April. Stats Canada issued its stocks report as of March 31st today. Canola stocks totaled 4.8 MMT, down from 9.1 MMT last March. All wheat stocks totaled 12.5 MMT, down from 14.6 MMT last March. Soybean planting progress should increase nicely from last week’s 24% planted. The USDA report next Wednesday will update the U.S. bean balance sheets, as well as give a first look at the 21/22 balance sheets. Both years are expected to show historically tight stocks. The USDA will also update South American production estimates.