Daily Grain Market Commentary (4.20.21)
Corn (May)
Fundamentals: May corn futures are threatening the psychologically significant $6.00 handle and contract highs (6.01 ½). Spillover strength from beans coupled with cold weather through the US seems to be a consensus headline. Yesterday’s planting progress report showed the US corn crop is 8% planted, a notch below expectations, but far from concerning. Weekly export inspections came in at 1,525,000 metric tons, within the range of expectations.
Technicals: Technical resistance is being tested in the early morning trade, again. We have defined that as 595-602. A breakout above this pocket puts us back into uncharted territory, which makes the task of finding meaningful technical resistance more of a fool’s errand. May options expiration is Friday, this could keep a lid on the market towards the end of the week.........Click this link to read the FULL report and receive our daily commentary
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Soybeans (May)
Fundamentals: Soybeans are screaming higher in the early morning trade as the cash market remains stout. Yesterday’s planning progress report showed the US soybean crop is 3% planted, in line with expectations and 1% above the historical average pace (not that it matters this early in the game). Weekly export inspections came in at 184,000 metric tons, within the range of expectations.
Technicals: May soybean futures are breaking out and making new contract highs in the early morning trade. If we see a positive close, it will mark the sixth consecutive higher close, right now amounting to nearly $1.00. With the market in uncharted territory, finding the next technical resistance level becomes difficult. $15.00 is psychologically significant.........Click this link to read the FULL report and receive our daily commentary
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Chicago Wheat (May)
Technicals: The market continues to fail against technical resistance, but it’s not a clear-cut rejection, which could be enough to stage a breakout. That resistance pocket remains intact from 657 ¾-662 ¾. If the Bulls can chew through and close above this pocket, we could see the buying accelerate.........Click this link to read the FULL report and receive our daily commentary
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