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April 16th- Midday Market Commentary

04/16/2021
April 16th- Midday Market Commentary

Grains are mixed at midday:

Corn -5 3/4 cents/bu (May @ 5.84 1/4)

Soybeans + 8 3/4 cents/bu (May6 @ 14.27)

Chi Wheat – 4 ¼ cents/bu (May @ 6.49 1/2)

Cdn $ +0.00235 (80.00 cents) ß Cracked again today

WTI Crude Oil -0.27/barrel (63.19)

Weather is the focus today… because there is nothing else in the news to talk about! Grains are starting to ease into the weekend risk-off amid a quiet day in the markets.

Cool temperatures are the talk of the town today, as forecasts shows that colder weather is here to stay for the month of April. These cold temperatures are expected to impact the Midwest (corn belt), as well as Canada. This is likely to prevent an early planting season, as soil moisture and temperature is key to successfully planting. The soil temperature should be a minimum of 50F for the majority of time that the seed is in the ground, and cooler weather projections are not looking favourable for attaining this. Any weather issue, even minute, is set to impact the markets due to the tightness in stocks, and the volatile market we are in.

Dry weather is holding on in North Dakota, after one of the driest fall/winters (if not the driest) on record.

Northern Argentina saw good rains yesterday, with the west/central growing regions expecting to see good rains through the weekend.  Eastern Argentina remains dry.  Southern Brazil got some much needed rains yesterday, although going forward, forecasts call for only scattered showers, leaving overall dryness still a concern for the safrinha corn crop.

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