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Morning Market Insight
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.
The information contained above was taken from sources which Agtegra believe to be reliable, but is not guaranteed by Agtegra as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.
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