Corn is steady and beans are higher to start the first day of March. Beans are finding support on continued wet weather in northern Brazil. There will be two key USDA reports this month– the regular WASDE supply/demand on March 9, and the quarterly grain stocks & acreage intentions on March 31. Private analysts will be out with supply/demand projections this week, and most anticipate the USDA will continue to take a patient approach to changes in exports with modest increases likely in both corn and beans. New sales announcements have been scant lately, and last week’s export sales report was poor. Therefore, the export sales report this Thursday morning will be important to see if last week was a blip, or if we have reached price levels that will slow trade.
U.S. 2021 crop insurance prices, based on average daily closes during February, will be $4.59 on December corn and $11.87 on November beans. Both are at their highest levels since 2013-2014.
The energies and equities markets are starting higher this morning as well, on vaccine optimism and the passing of the stimulus package.
Beans: up 7-10c