TFM Midday Update 2-5-21

CORN

March down 1 @ 5.49 & Dec up 1 @ 4.52
Argentina entering a week’s worth of drying & will raise a little crop stress by next wk
Daily export sale of 101,600 mt – delivery to unknown destination
In southwest US, difficult to source corn for the summer for feedlots
US export sales in corn are 91% of the USDA number
Record weekly exports reported yesterday & lower China stocks indicate higher prices
CME raises corn futures margin from 1400 per contract to 1500
Argentine gov’t still debating increases on food exports to control inflation

March up 7 @ 13.79 & Nov up 8 @ 11.68
Although some areas will get too much rain, not going to make large impact in Brazil
In Brazil there are 11 million tons of vessels waiting to load soybeans
US export sales in beans are 97% of the USDA number
Trade guess is for USDA to lower ending stocks for the US from 140 mb to 123 mb
Brazil still expecting a record crop despite planting & harvest delays

March up 2 @ 6.39, KC March up 3 @ 6.22, & Mar MNPLS up 1 @ 6.33
Wheat damage possible in Montana if significant snow doesn’t precede the temps
Drought remains a concern across much of the interior of western US
UN index global food inflation up 8 months in a row; 6 ½ yr highs
CME raises wheat futures margin from 1800 per contract to 1900
Russia is accelerating plans to switch to a formula-based tax on wheat exports – June 1

Amberlee Bratcher