Weekly Market Wrap-Up

The week began on Monday with new crop corn rallying to new highs after last week’s prospective plantings acreage came in short of trade expectations. Funds were credited with selling 15,000 corn contracts throughout the session as a result of old crop to new crop repositioning. May corn futures closed the day at $5.5325, a loss of 6.5 cents. May soybean futures closed at $14.1275, a gain of 10.75 cents. Weekly export inspections data showed a strong week for corn shipments and a poor week for soybeans. Ideal spring weather across the corn belt advances fieldwork and spurs interest of early planting dates. Monday afternoon’s crop progress release marked corn planting at 2% complete nationwide in comparison to 2% last year and a 2% five-year average.

Tuesday’s trade reflected gains for both corn and soybeans. May corn futures closed the day a penny higher at 5.5425. May soybean futures closed 6 cents higher at 14.1875. Upside in the soybean market is linked to solid oil demand and dwindling soybean carryout. The trade continues to focus all attention on acreage for 2021 crop as corn and soybeans battle for acres. Decent rains forecasted for the corn belt mid-week will benefit the growing season, especially dry areas of concern.  

Trade on Wednesday showed upside for corn as talk of a lower carryout is projected for Friday’s WASDE report. EIA also showed an increase in last week’s ethanol production. Fund liquidation of soy oil lead to losses in the soybean complex. May corn futures closed the day at 5.605, a gain of 6.25 cents. May soybean futures closed at 14.0875, a loss of 10 cents. Weather in Argentina is favorable as rain falls, followed by a dry period to aid crop dry down. Concerns spark over dryness in Brazil and the start of the Safrinha corn crop.

Thursday’s trade showed upside for both corn and soybeans. Early trade rallied due to spring dryness for U.S. wheat planting and development. Export sales data reported one of the best weeks on record for corn and cancellations for soybeans. Funds were credited with buying 30,000 corn contracts throughout the session in anticipation of potential changes to corn exports and feed usage in Friday’s WASDE report. May corn futures closed the day 19.25 cents higher at 5.7975. May soybean futures closed 6.5 cents higher at 14.1525.

Friday’s trade was marked by the release of the USDA’s WASDE report. Report data showed U.S. corn ending stocks near expected at 1.352 billion bushels in comparison to the average trade estimate of 1.388 billion bushels. Corn rallied to a new high of 5.95 May futures at the report release but couldn’t hold through the end of the session. Report data showed U.S soybean ending stocks at 120 million bushels, unchanged from March WASDE projections. May corn futures closed the day at 5.7725, a loss of 2.5 cents. May soybean futures closed at 14.03, a loss of 12.25 cents. The WASDE also noted slightly lowered production estimates for Argentina’s corn crop and left soybean estimates unchanged. Brazil corn production estimates were also unchanged with higher soybean production.  

May corn futures opened the week at $5.6125 and closed the week at $5.7725, a gain of 16 cents.  

May soybean futures opened the week at $14.10 and closed the week at $14.03, a loss of 7 cents.

May wheat futures opened the week at $6.07 and closed the week at $6.3875, a gain of 31.75 cents.