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.
