Weekly Market Wrap-Up
Grain Market Commentary
Friday, March 5, 2021
by Harrison Reiff, Associate Merchant, The Andersons
Monday’s trade opened with May corn futures starting at 552.75 and closed down 14.5 cents to finish the day at 538.25 with a large chunk of the drop being credited to the funds selling 15k contracts, and China switching some more cargos to other destinations. May Soybeans started the week at 1415.00 futures and traded lower throughout the day finishing at 1391.25 with the selloff being credited to larger than expected Soybean harvest estimates in South America.
Starting the day on Tuesday, May corn gapped lower a half cent and opened at 537.75 but rebounding throughout the day finishing at 545.00 futures. The funds purchased 10k contracts during the day which helped corn bounce back after trading lower several days in a row. Soybeans on Tuesday rebounded from Monday’s trade and finished the day at 1412.50 which traders attributed to soybean harvest progress in Brazil being at 10-year lows.
Wednesday reflected the corn trade gapping lower 1 cent on the open and then finished the trading session down 8.75 cents from the open at 535.25 futures credited to the funds once again selling 15k contracts. Wednesday soybeans opened the day at 1415.00 and closed lower on the day at 1407.50.
Thursday’s trade opened at 535.00 futures and closed the day at 532.50 futures. May soybean futures on Thursday opened slightly higher at 14.09 futures and despite having a 34.5 cent trading range on the day, 1410.50 futures.
To finish the week out, Friday had a strong trading day with corn finishing the day at 545.50. May Soybeans finished the week out starting the day on Friday at 1410.50 and soared higher 19.5 cents to close the week at 1430.00 futures with the credit to the rally pointing towards the USDA Foreign Ag Service lowering the Argentina soybean outlook.
May Corn futures opened the week at 552.75, and closed the week at 545.50, a loss of 7.25 cents.
May Soybeans opened the week at 1415.00 and closed the week at 1430.00, gaining 15 cents.
May Wheat opened the week at 662.50 and closed the week at 653.00, losing 9.5 cents on the week.
