Morning Comments February 22, 2021

Agronomy Early Corn

A much nicer weather week is on tap for most of the country, which is certainly a welcome sight here this Monday morning. Overnight markets are steady to slightly higher, softening slightly from highs established earlier. November beans are at new contract highs and December corn is near its high, as neither wants to give up any ground as acreage decisions are finalized in the next 30–45 days. 

We will see the normal days for information releases this week. The export inspections report will be released this morning, the EIA ethanol statistics on Wednesday, and export sales on Thursday. China is in their first full week back from holiday, so stay tuned for additional export sales announcements. The China farm minister reports that year-on-year pork supply is up 40% and that their hog herd will be back to pre-ASF 2017 levels by early Summer. Corn inquiries were being made late last week, mainly due to the further delays in planting the second season corn crop in Brazil. 

The cattle on feed report out Friday showed 12.106Mln head, the highest January feedlot inventory since 2007. Numbers were up 3.2% from last year, which is a turn of events as the market had been expecting steady to slightly lower inventory. 

Opening Calls:

Corn: up 2-3c

Beans: up 1-3c