Weekly Market Wrap-Up
Grain Market Commentary
Friday, March 19, 2021
by Harrison Reiff, Associate Merchant, The Andersons
Monday’s corn trade started the week off at 537.00 May futures and proceeded to trade higher 12.5 cents. The funds were credited with buying 25k contracts of corn which helped push corn futures higher. May Soybeans began the week opening at 1409.25 and trading higher throughout the day being pulled higher by the corn trade, finishing the day 10.25 cents higher at 1419.50.
Trade started on Tuesday with May 2021 corn futures continuing their trek higher from the previous day finishing the day at 554.25. The USDA released a notice saying that China made a purchase of US corn of 1.15 mmt. Soybeans opened at 1420.00 and traded slightly higher closing the day at 1423.25 once again following the bullish corn trade.
May corn on Wednesday opened the day at 554.00 and once again creeped higher during the day by 4 cents to close at 558.00. For a second day in a row the USDA reported another flash sale to China, this time equaling 1.22 mmt of corn. May soybeans opened higher at 1424 but started to fall during the day closing down on the day at 1417.75.
Thursday’s trade showed corn trading significantly lower down 11.50 cents throughout the day on subsiding drought conditions in the western corn belt. May soybeans took a hit as well on the day falling 25.5 cents to close the day at 1392.25. Trade was lower due to fewer weather concerns in South America as well as the drought monitor showing less drought conditions across the US corn belt. Soybeans were lower on the day due to the Funds selling 12k soybean contracts.
Friday’s trade reflected corn trading bouncing back after Thursday’s trade to finish the day 11.25 cents higher. The corn trade was pulled higher by yet another flash sale to China, this time for 800,000 metric tons during the 2020-2021 marketing year. Soybeans rebounded as well finishing the day higher by 24 cents.
May Corn futures opened the week at 537.00, and closed the week at 557.75, a gain of 20.75 cents.
May Soybeans opened the week at 1409.25 and closed the week at 1416.25, gaining 7 cents.
May Wheat opened the week at 637.75 and closed the week at 627.00, losing 10.75 cents on the week.
