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Morning Market Insight
4/7/2021
Chance Scott, Grain Marketing Specialist
April 7th Agtegra Morning Market Insight
Friday’s WASDE will include foreign production in addition to the domestic S&D.
As of 8:00, Corn +3
In Brazil, isolated to scattered thunderstorms continue through today within the northern half of corn, followed by five to seven days of drying. Brazil's second corn yields will fall by an estimated 3.6% this year, as most growers were forced to sow the cereal outside the ideal climate window after delays in the soy harvest.
As of 8:00, Beans +4
Bias on weekly U.S. soybean exports over the next month is lowered to 5-15 mbu per week. Overseas estimates for Brazil’s bean crop continue to grow as Celeres took their estimate from 132.6 in February to 135.9 and Agriconsult took their estimate from 132.4 in January to 137.1.
As of 8:00, WW +3, SW+4
Overnight tender news was quiet with Thailand again making no purchase in their global wheat tender. Yesterday’s Egyptian results were mostly Russian wheat with a cargo of Ukrainian. Yesterday afternoon’s condition ratings showed winter wheat at 53% good to excellent, down from 62% in last year’s initial ratings though not out of the realm of expectations.
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.
Past Morning Market Insights
April 9th Agtegra Morning Market Insight
April 8th Agtegra Morning Market Insight
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April 6th Agtegra Morning Market Insight
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