Morning Comments March 31, 2021

Corn emergence 2

It is finally the March 31 report day with average trade guesses on acres at 93 million corn and 90 million beans. If realized, this would be a record-large corn + bean acreage total in the U.S. In the past, actual planted acreage vs March 31 intentions have been trimmed by prevent-plant acres, etc. Barring a major weather shift, prevent-plant acres look very minimal this year, due to dry Midwest and Northern plains soils, where spring flooding has been prone to occur. Weather forecasts look good for fieldwork for the next two weeks. 

The markets were beat down pretty hard yesterday on hedge fund liquidation. The 50-day moving average support levels were breached, which furthered the decline. Prices stabilized overnight, and here at the morning pause, corn is steady and beans modestly higher. 

Opening Calls:

Corn: steady

Beans: up 5-8c