Stateline Morning Comments May 11^th  2021

Corn Up 18 @ 7.34

• Corn prices experienced mixed trade overnight with contracts falling lower on the open. Prices have since pulled higher for old crop contracts but are still experiencing pretty uneventful trade.
• The USDA reported that farmers had planted 67% of their intended corn acres as of this past Sunday, right in line with analysts’ estimates. The planting progress is ahead of the 5-year average of just 52%.
• The French farm ministry stated that they expect the area planted for grain maize to shrink by 10% this year.
• Dr. Cordonnier lowered his estimate for Brazil’s corn crop 3.0 million tons to 97.0 million tons and raised his estimate for Argentina’s corn crop by 1.0 million tons to 46.5 million tons.

Beans Up 32 @ 16.44

• Soybean prices saw gains in old crop contracts also outpace the new crop contracts during the overnight trade.
• The USDA’s crop progress report stated that U.S. farmers are 42% complete with soybean planting, far ahead of the 22% 5-year average.
• Malaysian palm oil futures were seen gaining early in their session before the contracts were lost all their gains due to rising inventories. The benchmark contract was seen settling down 0.53% on the day.
• Dr. Cordonnier raised his estimate for Brazil’s soybean crop by 1.0 million tons to 134.0 million tons, citing strong yields in Rio Grande do Sul.
• Spreads: N/Q 61 ¼ inverse, Q/X 118 ½ inverse, N/X 179 ¾ inverse, X/F 1 ¾ inverse.

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