Thursday May 6, 2021 By: Eric Peterson
Corn trade higher overnight hitting new contract highs yet again. December corn broke through the $6.00 mark hitting as high as $6.18 overnight. Fund length is estimated at 406k contracts. Rumors circulated that China is shopping for new crop corn from the U.S. Their March imports of U.S ethanol was reportedly their second highest ever. Look for continued strength today on continued dryness.
Soybeans trade higher overnight hitting new contract highs. Soybeans followed the strength in the corn and soyoil markets. Fund length is estimated at 192k contracts, meal at 57k and soyoil at 104k contracts. Look for continued strength today following the corn market.
Spring wheat was mixed overnight as dryness remains a major concern. Minneapolis wheat made new highs form July 21-July 22. Spring wheat planting progress is expected be near 65-75% complete by next Monday. Look for continued strength today as the Northern plains remain very dry.
Any information, materials and opinions (together, “CHS Materials”) presented by CHS to the recipient of such CHS Materials, whether in written or oral form, is for general information purposes only and does not constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances. CHS makes no warranties, representations, or undertakings, whether express or implied, about any CHS Materials (including, without limitation, any as to the quality, accuracy, completeness, or fitness for any particular purpose of any CHS Materials). Recipient agrees that CHS shall not be liable to recipient relating to or resulting from the use of any CHS Materials or any inaccuracies or errors therein or omissions therefrom.