May Option Expiration Adds to Late Day Volatility; Brazilian Winter Corn Forecast into May 5th; CBT Expands Daily Trading Limits Starting May 3rd

AgResource Farm Marketing Advice for Friday:1/ Corn Producers: Take profits on long May corn futures at $6.61 for a gain of $2.445/Bu on 40% of the 2020 crop.                                  2/ Soybean Producers: Take profits on Long May soybean futures at $15.47 for a gain of $4.61/Bu on 40% of the 2020 soybean crop. ** Filled It…

Limit Up Corn, Wheat, & Soyoil Push CBOT Values to their Highest Price since 2013;China Bidding for Ukraine Corn?;Brazilian Winter Corn Dryness to Worsen

CBT corn, soyoil and wheat futures are limit up at midday with soybean/soymeal futures sharply higher and in tow. The volume of trade has been active as the market pushes to aggressively ration demand amid rising basis bids that are producing only limited cash movement. Central Illinois corn is said to be bid at 35-40…

China Rumored to be Seeking US New Crop Corn; C Brazilian Weather Forecast Stays Dry; Weekly US Ethanol Production Disappoints with 10% Under ’19

CBT futures are sharply higher at midday with corn, soyoil, and soybeans pushing to new rally highs. The morning rally has been largely based on tightening US cash markets and historically high cash basis bids that are producing limited cash corn, soybean, or old crop wheat sales from the farmer or reseller. Shorts fear that…

Supply Worry Sends CBT Corn, Soyoil and Soybeans to Fresh Highs; Deral Drops Parana Corn Ratings; Central IL Soyoil Basis Soars on Demand

CBT futures are sharply higher at midday. Corn, soybean and soyoil futures have scored fresh contract highs with May soybeans/soyoil being the upside leaders. The volume of CBT trade was extremely active in early morning dealings, but futures/volume have eased at midday. AgResource expects that funds will return near the close with additional buying to dress…

New Crop Corn/Soybean Futures Push to New Contract Highs; Brazilian Winter Corn Crop Cuts Expected Under Acute Drought; Cold Temps for Plains HRW

Midday CBT futures are mostly higher with a correction underway in oil/meal spreads. New crop corn and old crop May soybeans have been the upside leaders for their own fundamental reasoning. The 2021 Brazilian corn crop is being threatened by acute dryness and a widening yield loss while the ability of US soybean crushers to…