3/3/2021
Zachary Harry
Morning Market Insight

Corn- Down 7
Overnight trade has corn down 7 on the nearby and down 3 for Dec21 New crop. Yesterday was a bounce back day finishing up 6, and now today it gets taken right back. The volitity roller coaster continues as we continue to see up and down sideways trend in the market. Argentina 20/21 corn crop est. is unchanged at 45.5 MMT with a  neutral bias going forward. The early planted corn in about 40% approaching maturity, while the later planted crop is 67% pollinating and only 1.5% filling grain.

Beans- Down 9
Like corn beans had a bounce back day yesterday and now it is taken away so far this morning being down 9 nearby and down 8 for Nov21 new crop. Rainfall of 0.75” to 1.50” is in the forecast through Thursday across northern Argentina, impacting 15% of soybeans. An extended period of dry & very hot weather will continue for 7 to 10 days for all soybean areas.

Wheat- Down 5
Spring weath continues the trend with corn and beans being down 5 on the nearby. Weekly U.S. wheat exports over the next month are looking to be 16-21 mbu per week. Some rain is expected Thu-Fri in key HRW wheat areas near Kansas.