Looks like the funds are going to be selling out another large chunk of their position again this week. News is pretty limited this Monday AM. Crop progress is expected to show 91-92 percent of the corn planted and 80-84% of the beans planted. June 1st will be the first crop ratings this year. The warmer temperatures and scattered showers over the past week will also help coax emergence rates higher. Last week, 41% of 2021 planted corn had emerged. Emergence rates pulled away from the five-year average of 35% for the week after posting a 21% rise over the previous week’s readings.
Political turmoil is back at play in Argentina, disrupting grain flows once again. A 48-hour port workers strike is planned this week to protest slow COVID-19 vaccination rates, following another strike last Wednesday through Thursday.
Weather is mostly ideal for the majority of the US. Temps are warm until a cool front is going to arrive Wednesday bringing rain with it. Fund selling hasn’t slowed recently and traders positions are getting smaller by the day, eventually we will find a bottom. This may just be a retest of the low in corn today. Beans are going down much slower as the fund position is mostly liquidated.
China has been buying a lot of corn out of the Ukraine. Last week they bought 4.5 mmts from the Ukraine while also buying 11.5 mmts of US corn. The purchases had no effect on the market.
Have a Safe Day!