Stateline Morning Comments April 15th 2021
Corn Up 5 @ 5.79
- Overnight market is higher with the entire curve up around four cents.
- Weekly export sales were 327.7k MT vs. 500k-900k MT old crop expected and 52.6k MT vs. expectations of 0-300k MT new crop.
- May corn broke through the $6.00 mark while the December contract made a new contract high of $5.17, the highest the December contract has been since April 9, 2014.
Beans Up 5 @ 14.00
- Soybeans are higher overnight with the May seeing the biggest gain of around five cents.
- Export sales for soybeans were 90.4k MT vs. expectations of -100k MT to 200k MT old crop and 265.5k MT vs. expectations of 0-500k MT new crop. Soymeal exports were 71.5k MT vs. estimates of 75k-250k MT old crop and 26k MT vs. expectations of 0-50k MT new crop. Soyoil exports were -1.5k MT vs. 5k-30k MT estimated.
- NOPA crush report is to be released today. Expectations are for 179.179 million bushels.
- Dalian domestic number 1 soybean price was up 28 1/2 cents overnight and their number 2 import soybean price was up 15 cents. Malaysian palm oil futures were up 77 ringgits and have recovered all the losses from Monday’s sharp drop.
- May/July at an 8’0 cent inverse, May/August at 47’6 inverse. Nov/Jan at a 1’0 inverse.