Early Market Talk April 21, 2021

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New contract highs overnight on both corn and soybeans. Overnight volume totals to this point showing trade interest. Lead two corn contracts trading combined volume of near 50K. Soybean vol near 40K on its lead two contracts.

Muted open interest yesterday. Especially at new contract highs. Corn OI up just over 3K contracts after dropping near 9K the day before. Vol total on corn also unimpressive at 485K contracts. Soybean OI off a scratch over 8K contracts on volume of a modest 280K contracts.

Funds credited with buying 20K corn and 10K soybeans yesterday. We have them net long 435K corn and 172K soybeans.

Soybean oil took credit for much of the bean strength yesterday with end users worried about summer / early fall availability. New contract high in oil yesterday and again overnight.

Some cold temps out there this morning. Low 20’s and even some teens in SD. Iowa and IL mostly in the low 30’s except for NW Iowa and areas along the MS river that saw some upper 20’s.

Temps remain below normal over the next few days across the central U.S., but not quite as cold as the past few days. Slightly above normal temperatures are expected in the southern Plains and Midwest by the 6–15-day period.

Brazil’s weather remains concerning with a dry forecast through the first week of May. Safrinha corn nearing peak pollination and May also marks the start of the dry season for Brazil.

CKCN trading 16¢ this morning on overnight volume of just over 8K contracts. SKSN at 15¢ on volume of near 11K contracts.

Chart resistance on corn? Nothing until near $6.25.

Printing with corn up 3 ½¢ and soybeans up 2 ½¢. Dow futures 33,713 up 10 pts.

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