Closing Markets: Corn -4 Old & EVEN NewBeans +15 Old & +5 New.  Wheat -1.
 
Market Recap:

Corn was mixed to end the week with front months modestly lower and new crop contracts little changed. CK fell 4 ½ cents, CN tumbled 3 cents, and CZ was unchanged. This week, CK gained 8 ¼ cents, CN rose 11 cents, and CZ was 15 ¾ cents higher. Commodity fund selling weighed on old crop contracts in a low volume trade. Funds were sellers of an estimated 5000 corn contracts. Light profit taking pressured the front two futures months again today after futures established fresh contract highs early in yesterday’s trade and approached overbought levels. Talk that China’s hog and poultry feeders are replacing significant amounts of corn with wheat in feed rations raised questions as to the possibility of some Chinese purchases of U.S. 2020/21 corn being canceled or pushed into next marketing year. The Buenos Aires Grain Exchange estimated that 14% of Argentina’s corn crop has been harvested. It also raised its projection of Argentine corn production 1 MMT to 46 MMTs.
 
Soybeans were higher on Friday, the fourth consecutive higher close. SK soared 15 cents higher, SN gained 11 ½ cents, and SX added a nickel. This week, SK rose 30 ¼ cents with SN up 24 ¼ and SX 10 ¾ cents higher. Commodity funds were buyers of an estimated 5000 soybean contracts today, which helped to push prices to the upside. Extremely strong domestic basis levels were supportive as was talk that Chinese crush margins are improving. Rumors of another Argentine port strike were also friendly to today’s trade as Argentine soybean meal offers have been pulled after talking of the strike surfaced. The Chinese government reported that hog production during the first quarter of 2021 increased 32% compared to a year ago. China is pushing large hog producers to increase numbers further as the year progresses. A story out of China this morning indicated a large speculator with a huge, short Dalian soymeal position covered half of the position today. The speculator had supposedly been spreading talk to reporters and analysts that many Chinese hog herds were infected with African Swine Fever.
 
 
 
Have a great evening!!!!
 
 
Chelsey White
Emery Manager & Originator:: Topflight Grain Cooperative, Inc.
593 Emery Rd :: Maroa, IL 61756
Phone:: 217-794-2240
E-Mail:: cwhite@tfgrain.com
Web:: www.topflightgrain.com
 
This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
 
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