CBT Sinks on Risk Off Into End of Quarter/Month & NASS Report: China Buys New Crop Ukraine Corn; US Annual Corn/Soy Sales Reach 98%/99% of WASDE

All Members, Midday Commentary

CBOT values are sharply lower at midday as fund managers/speculators shed length ahead of the highly unpredictable March Stocks/Seeding Report. Option volatility continues to rise in corn/soybeans suggesting that there will be a sizeable price move following the March 31st report. Wheat option volatility has not expanding much – telling ARC that traders are not…

U.S. Medium-range Forecast: Cooler Northeast days 6-10 but warmth will follow while the West trend is cooler.

Climate Impact

Charts of the day: 30-day temperature verification. Discussion: The 30-day temperature bias by the GFS ENS (left) and the ECM ENS (right) for 15-day forecasts indicates outlooks have been too cool. The ECM ENS cool bias has been strongest. Medium-range 6-10 Day Forecast Valid March 30-April 3, 2021 Medium-range 11-15 Day Forecast Valid April 4-8,…