Good morning,

Markets are weaker to start the day with corn down 3 and soybeans are down 4.

Argentina saw good rains over the weekend and heavy action continues this week as well, aiding moisture supplies but slowing crop dry down, before a drier 6–10-day period. Rains were widespread in Brazil over the weekend as well, shifting far north and south over the next ten days, allowing safrinha dryness to likely develop in the heart of the country over the next week-plus.

Friday’s report was quiet as expected and the focus will now switch to the March 28th planting intentions. With 3 weeks of no major reports and the funds holding heavy net short positions it may be difficult to see this market move higher in the coming week.

Short covering was a major factor last week and could come further into play as the 3/28 USDA approaches. We will get Brazilian crop updates from CONAB tomorrow. Further strength should be used to make catch-up sales, especially in old corn. Be sure to have offers in place to take advantage of any pre-report rallies as they could be short lived.

Have a Safe Day!


Garry Gard