Edwards Market Thoughts

4/13/2021 8:00am                             SEC Index Contract Signup runs through 4/16/21

Corn is higher on turn around Tuesday bounce and as May corn found support at $5.65. US corn planting pace of 4% was not quite as fast as the 6% expected. Goldman roll finishes up today and tomorrow with open interest in May down 46k contracts while July was up 41k and Dec was up 6k contracts.

Brazil's IMEA cut their corn production forecast for Mato Grosso to 34.98 mmt, down 3.5% from last month, due to concerns about dryness and late safrinha planting.

Soybeans are firmer with soyoil as they bounce while meal gives up some of yesterday's gains. Malaysian palm oil futures were up 2% overnight. China reporting their March import data and showing soybean imports in March at 7.77 mmt. So their Q1 soybean imports were 21.18 mmt vs 17.79 mmt Q1 last year.

IMEA reports soybean harvest practically done in Mato Grosso with 78.7% of soybeans sold already. Brazilian producers there already have almost 25% of next year's soybeans sold.

Light and scattered action remains around the fringes of U.S. crop areas this morning, similar to the past 24 hours, and continuing tomorrow with most regions dry; action will move in to the central and southern Plains Thursday/ Friday, with the Midwest mostly still dry. Extended maps are running even drier today, with temps unable to climb out of the below-normal range.

 

Feels like corn has once again found support as we are trading buy the rumor sell the fact type of trade since the report release Friday.

 

Local Weather
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Sioux Center, Iowa (51250)

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Industry News

Click on the link below to find encouraging industry information that we would like to share with the supporters of both our company and the renewable fuels industry - 

http://www.ethanolproducer.com/articles/16668/ethanol-producers-need-to-reduce-their-ci-scoreundefinedand-quickly

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Letter to President Trump!

  

Tuesday, December 10, 2019

Time is running out, and we need to YOUR help TODAY.

America’s Renewable Fuel Standard (RFS) is critical to revitalizing struggling farm economies, reducing our dependence on foreign oil, and protecting the climate. But Environmental Protection Agency (EPA) exemptions to oil companies have destroyed demand for billions of gallons of U.S. biofuels. President Trump vowed to restore lost gallons, but the current EPA proposal only accounts for a fraction of the demand destroyed by the agency’s unprecedented use of oil refinery waivers. We MUST demand action NOW before it’s too late.

https://fuelsamerica.org/call-president-trump-restore-biofuels-protect-rfs/

Join us TODAY in calling on President Trump to take action now to reopen biofuel plants and revitalize markets for America’s farmers.

Thank you in advance for your continued support.

Growth Energy

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Commentary
Corn Higher on Turnaround Tuesday -

Front month corn futures closed the Tuesday session with old crop gains of 10 to 11 cents. Basis continues strengthening as well, as cmdtyView data

Cotton Rallies Triple Digits -

Turnaround Tuesday cotton trading recovered 102 to 168 points. New crop gains were smaller, as the old to new crop inverse widened to 36 points.

Hogs Mixed on Tuesday -

At the close for the Tuesday session, lean hogs were mixed within 15 cents of UNCH, save for a 52 cent gain in May. USDA’s National Average Base

Cattle Weaken on Tuesday -

Follow through selling on Tuesday left the board $0.32 to $1.17 in the red. April contracts closed at $122.40, converging with cash during

Beans Higher on Mixed Soy Trades -

Soybean futures closed the Turnaround Tuesday session with gains of a penny to 7 1/2 cents. The national average soybean basis from cmdtyView is 22

Wheat Off Highs but Still in Black -

Wheat futures closed the Tuesday session in the black after an afternoon pullback. CBT SRW futures ended the session 0.28% to 0.43% higher, led by

Full commentary...


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