Edwards Market Thoughts

4/13/2021 8:00am                             SEC Index Contract Signup runs through 4/16/21

Corn is higher on turn around Tuesday bounce and as May corn found support at $5.65. US corn planting pace of 4% was not quite as fast as the 6% expected. Goldman roll finishes up today and tomorrow with open interest in May down 46k contracts while July was up 41k and Dec was up 6k contracts.

Brazil's IMEA cut their corn production forecast for Mato Grosso to 34.98 mmt, down 3.5% from last month, due to concerns about dryness and late safrinha planting.

Soybeans are firmer with soyoil as they bounce while meal gives up some of yesterday's gains. Malaysian palm oil futures were up 2% overnight. China reporting their March import data and showing soybean imports in March at 7.77 mmt. So their Q1 soybean imports were 21.18 mmt vs 17.79 mmt Q1 last year.

IMEA reports soybean harvest practically done in Mato Grosso with 78.7% of soybeans sold already. Brazilian producers there already have almost 25% of next year's soybeans sold.

Light and scattered action remains around the fringes of U.S. crop areas this morning, similar to the past 24 hours, and continuing tomorrow with most regions dry; action will move in to the central and southern Plains Thursday/ Friday, with the Midwest mostly still dry. Extended maps are running even drier today, with temps unable to climb out of the below-normal range.

 

Feels like corn has once again found support as we are trading buy the rumor sell the fact type of trade since the report release Friday.

 

Local Weather
Weather radar map

Sioux Center, Iowa (51250)

Current Conditions: Scattered Clouds
Temperature: 34°F Dew point: 28°F
Humidity: 80% Pressure: 30.24 in. Hg
Wind: 5 mph From: Northwest

Forecast

Thursday
Weather condition
Hi: 47°
Lo: 30°
Friday
Weather condition
Hi: 51°
Lo: 34°
Saturday
Weather condition
Hi: 51°
Lo: 38°
Sunday
Weather condition
Hi: 52°
Lo: 37°
Monday
Weather condition
Hi: 62°
Lo: 31°

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Industry News

Click on the link below to find encouraging industry information that we would like to share with the supporters of both our company and the renewable fuels industry - 

http://www.ethanolproducer.com/articles/16668/ethanol-producers-need-to-reduce-their-ci-scoreundefinedand-quickly

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Letter to President Trump!

  

Tuesday, December 10, 2019

Time is running out, and we need to YOUR help TODAY.

America’s Renewable Fuel Standard (RFS) is critical to revitalizing struggling farm economies, reducing our dependence on foreign oil, and protecting the climate. But Environmental Protection Agency (EPA) exemptions to oil companies have destroyed demand for billions of gallons of U.S. biofuels. President Trump vowed to restore lost gallons, but the current EPA proposal only accounts for a fraction of the demand destroyed by the agency’s unprecedented use of oil refinery waivers. We MUST demand action NOW before it’s too late.

https://fuelsamerica.org/call-president-trump-restore-biofuels-protect-rfs/

Join us TODAY in calling on President Trump to take action now to reopen biofuel plants and revitalize markets for America’s farmers.

Thank you in advance for your continued support.

Growth Energy

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Commentary
Soy Market Higher on Wednesday -

At the close for the Wednesday session the soy complex was higher, led by BO. Soy oil futures were up triple digits for 1.91% to 2.28% gains.

Cattle Market Lower on Higher Feed -

Live cattle futures were weaker again on Wednesday, posting 30 to 85 cent losses. Cash business for the week remains mostly unestablished so far,

Hog Market Higher at Midweek Close -

After mixed action from early trading the midweek session closed with $0.20 to $1.65 gains. USDA’s National Average Base Hog price was down by 20

Double Digit Gains for Wednesday Wheat -

Wheat futures traded mostly sideways to lower after the early session gains, but still closed with double digit gains. CBT SRW futures ended the

Corn Closes Near Highs -

After midweek trading, corn futures settled near the highs with 6 1/2 to 14 cent gains. Old crop prices were up double digits with 2.29% to 2.41%

Triple Digit Gains for Cotton -

At the Wednesday close, old crop cotton futures were 233 to 238 points stronger. New crop prices were up 115 to 133 points. The US dollar index was

Full commentary...


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