3/2/2021
Zachary Harry
Morning Market Insight

Corn- Down 2
Corn finished down yesterday and continues into today with a negative tone being down 2. Updated ending stocks estimate for 20/21 U.S. corn is 1.214 bbu vs. February USDA estimate of 1.502 bbu. Brazil's safrinha (double crop) corn was 39% planted after last week, and the ideal planting window for the safrinha crop is now closed. The question is how late will farmers risk planting outside of that window?

Beans- Down 3
Yesterday, beans opened the morning strong up 10 and finished down double digits, and it continues the negative tone again this morning being down 3 nearby and down 5 Nov21. Updated ending stocks est. for 20/21 U.S. soybeans is 0.110 bbu vs. February USDA estimate of 0.120 bbu. Brazil's 20.21 crop estimate was raised by 2.0 MMT to 132.0 MMT with a neutral to slightly higher bias going forward. 

Wheat- SW Up 6
On the overnight spring wheat will open the day trade being up 6 and looking to carry the positive momentum into the day trade. Updated ending stocks estimate for 21/22 U.S. HRW wheat is 0.213 bbu versus 0.367 for 20/21.