Happy Anniversary – One year ago today Dow Futures hit their Covid induced Pandemic low of 18,086. Dow futures this morning at 32,512.
Corn rebounding slightly overnight after 8 ¾¢ loss yesterday. CK21 saw an overnight high of $5.52 ¾ but at 0600 challenging yesterday’s close of $5.49. Volume on the anemic side with all contracts totaling just over 21K.
Soybean oil gapping higher overnight after strong gains yesterday that made a new contract high. Soybean futures 6 ¾¢ higher at 0600 trading $14.24 ¼. Have been in positive territory all night. Thin volume as well.
Dow futures off 114 points at 32,507. Crude $3.25 lower at $59.31.
Yesterday were the second lowest daily volume totals for corn and soybeans of the year with 228K corn and 131K beans trading.
Corn open interest off 1,860 yesterday and the 4th straight session of lower OI.
Soybean harvest in Brazil up 13.5% on the week and just over 59%. Compares to near 72% this data a year ago. State of Mato Grosso (largest soybean producing state) just over 90% done and not too far behind last year.
Well followed Brazil crop analyst left his forecast for Brazil corn and soybean production unchanged at 105 and 132 mmt respectively. USDA has them at 109 and 134 mmt. Has Arg corn and soybeans at 45.5 and 46 mmt. USDA at 47.5 mmt on both.
Corn export inspections at a solid 77.2 mln bu. Corn inspections knocking on the door of a seasonal downturn that runs into September.
Morning weather headlines - Corn planting accelerates in Texas and the southern Delta. Drier weather to ease wetness and flooding in eastern Australia. Drier weather to allow fieldwork to finish up in Mato Grosso.
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