Tidbits, Corn & El Nino, NOPA Crush, GDP Forecast, Argentina, Broilers & Ethanol 4/16/26
- Wright team
- Apr 16
- 5 min read
Tidbits
We liked yesterday’s corn action. Yes, it was up 8¢, but what we really liked is all the settlement prices were less than a cent from the high for the day. This is a technical indication of strength because the traders did not take profit after a very nice daily gain as they usually have done on the corn.
El Niño has become a topic of heavy discussion of late and for good reason. We have reported every Tuesday the weekly ENSO changes for about seven years. The past four months, the ENSO has shown the probability of a strong El Niño has been growing.
On our rain day chart which we present every day, the first three locations are where Brazil grows its safrinha corn, which is the corn it exports. El Niño causes those areas to be drier than normal, which devastates the late planted safrinha corn. The second three locations receive above normal rainfall during El Niño episodes. If you look at the number of rain days predicted in the ten day forecast for the first three locations, you will see a good reason for corn’s strength yesterday.
March NOPA crush came in at 226.2 million bu., a new monthly record for March but below the 230 million average estimate. This is higher than last month (208.8) and last year (194.6).
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