Morning Comments March 24, 2021

Shutterstock 526530454 Soybean Fields

Trade has a mixed tone this morning on light volume. Many are awaiting the March 31 grain stocks and acreage report before extending any positions. Many pre-report trade estimates are higher than 93Mln corn acres. With the trend line, yields would be a record large corn crop potential. 

The energy markets are higher this morning led by crude oil on news that a large container vessel ran aground within the Suez Canal and will block traffic for days. 

There has been a nice soaking rain for much of the Midwest this week. Favorable spring planting conditions could take the edge off these higher prices, depending on how export demand is tracking. The weekly export sales tomorrow morning will be huge on corn, given the large Chinese purchases announced last week. The weekly EIA ethanol data will be out this morning; we can expect solid production given good spot ethanol margins. 

Opening Calls:

Corn: down 1-2c 

Beans: up 2-3c