Corn is starting the day off 3 lower while soybeans and wheat are up 1 and up 5 respectively. There are rumors that China has purchased 1.5-2.5 mt of corn for new crop and more soybeans out of Brazil. May looks to be a record for exports from Brazil to China.
Export data released by the U.S. Commerce Department yesterday saw March 2021 corn exports rise to 364.5 million bushels, a 122.3-million-bushel increase from the month prior. The monthly haul translated to $2.4 billion for the U.S. food economy and was the highest monthly corn export volume on record since 2008. China edged out Japan as the top destination for U.S. corn in March 2021, snapping up 68.8 million bushels, or 18% of total March 2021 shipments.
Similarly, rapid shipping paces to China of U.S. ethanol led exports of the corn-fed fuel additive to their second highest volumes over the past year. U.S. ethanol exports in March 2021 totaled 133.0 million gallons with 48.3 million of those gallons going to China. Canada was the destination for another 34.2 million gallons.
The market is pushing on higher again with meal, new corn and old bean providing leadership. Wheat is a follower on rallies of which the funds have very little interest in being long. Planting progress will be slowed, but the pace has been good.
Have a Safe Day!