Tidbits
March options expired yesterday at the close. Corn and bean prices were lower, which usually happens on the expiration day for options. Next Thursday is the last trading day before first notice day, which means Wednesday and Thursday most likely will be down days for corn and beans and Friday will be an up day.
Argentina’s FOB corn price was down 10¢ a bu. this week for April and May shipments. We might start seeing Argentina competing with U.S. corn in Asia. In Brazil, spot corn prices keep climbing. Livestock feeders are looking for corn over a wider area from their operations and having difficulty finding enough trucks, which are hauling soybeans. Brazil might be importing corn from Argentina before long.
Today is the day the ideal window for planting Brazil’s safrinha corn crop closes. Up until a few years ago, conventional wisdom was planting corn after 1 March was a waste of money. But just because the rainy season usually ends the first week of May does not mean the rainy season will end the first week of May this year. If the rainy season extends into late May, Brazil’s March planted corn will be decent.