WASDE Report came out Friday, and was the last report before we get the first cut of supply / demand in May for the 2021 Crops.
Flash Sales to China have become an almost daily occurrence and, combined with less than ideal finishing weather including devastating August storms, the contraction of supply expectations and robust export demand are driving short-covering in wheat, corn, and soybeans.
More flash sales to China this morning, reported below by USDA-FAS (Foreign Agricultural Service).
USDA this morning reports another flash sale of beans to China.
Private exporters reported to the U.S. Department of Agriculture export sales of 396,000 metric tons of soybeans for delivery to China.
Bad news of course, but apparently all the bad news was already in the market.
Private exporters reported to the U.S. Department of Agriculture export sales of 686,000 metric tons of corn for delivery to China.
USDA reports corn is nationally 27% planted, up 20% from last week and ahead of 12% last year.
The CFTC shockingly reported that managed funds were net sellers of corn futures in the week ending April 21st, coinciding with the plunge to 4-year lows.
Grain markets all closed higher today ahead of the long weekend. Here are some major takeaways from today’s WASDE report.
Later this month, USDA’s National Agricultural Statistics Service will contact survey respondents who previously reported unharvested corn and/or soybean acreage.
USDA-NASS released 2020 Acreage Intentions & March 1 stocks of grain today.