Grains are higher to close:
Corn + 11 cents/bu (May @ 5.80)
Soybeans + 7 1/2 cents/bu (May @ 13.89 1/2)
Chi Wheat + 1 3/4 cents/bui (May @ 6.29 3/4)
Cdn $ +0.00180 (79.790 cents)
WTI Crude Oil +0.48/barrel (60.18)
No news is good news? On this quiet Tuesday, grains were able to rally after the big sell-off yesterday. Turn around Tuesday!! Whether that is due to an overreaction yesterday, or smaller stories providing firmness today, we do not know.
The acreage battle between soybeans and corn continues. December corn hit another contract high today at $5.05 3/4/bu, as corn is quickly taking the lead. November soybeans are almost 34 cents off of their April 1st contract high to close today. If soybeans are as tight as some predict, they will drastically need to increase in price to gain the acres to have a comfortable carryout.
Outside commodities are lower after the FDA recommended pausing the Johnson and Johnson COVID-19 vaccine. The vaccine had been given to 6 million people, ad blood clot issues have been reported in 6 women under the age of 48. This was another painful reminded that COVID-19 is not yet in the rearview mirror.
Funds are thought to be all buyers with corn expected to have bought 20,000 contracts (long 428,000), soybeans are projected to have bought 5,000 contracts (long 129,000), and wheat to have bought 2,000 contracts (short 1,000).