Grain Exchange – 4-13-2021
Yesterday afternoon, the USDA released their weekly report on Plant Progress. The results are as follows:
US corn is 4% planted, 1% more than the average and 1% more than 2020. Which is lower than expected. View the map for the specific state information.
Corn is up 5-11c this morning. The market appears to be concerned with the cooler temperature we are seeing now and the 10-day forecast. Margins are improving in the Ethanol Industry. On the corn side of South America, Brazil is on the home stretch of harvesting first crop corn. Most places are 75-90% completed. However, Argentina is below average, but making slow progress each week. Let’s see how quickly they can replant for second crop corn.
Beans are also up 5-8c. Soyoil is firming up while the beanmeal is softening. Brazil’s bean harvest is still behind the 5-year average as it is coming in about 83% completed. It is already predicted that April exports are expected to be up compared to March.
Wheat is following suit with rest of the commodities up 4-6c. If you look around, the Wisconsin wheat is looking beautiful already, but to the West they are hoping to get some much-needed rain soon.
As Countryside-Landmark is sending fertilizer out, the grain department knows the farmers are getting busy. As we continue to see the drastic changes in the market, it is advantageous to have offers out so that you stay in the market.