On the corn front we have export Inspections at 10:00 after the long weekend. China’s corn market continued to rise on Monday with the corn futures trading higher on the Dalian Commodity Exchange. The market continued to rise after hitting record levels last week. China sold off its once massive corn reserves last year, while typhoons hurt the recent harvest in the country’s northeast. There is still fear and anxiety with corona virus case numbers increasing. In the overnight electronic session, the March corn is currently trading at 533 ½ which is 2 cents higher. The trading range has been 534 ¼ to 525 ½.
On the ethanol front dozens of ethanol plants remain idle in 2021 with the corn prices and recent spike. Industry leaders say it is a little early to say $5 corn will delay the industry’s recovery, and that impact may not be felt in weeks. We are just hoping to see the cash market get moving. There were no trades in the overnight electronic session. The April ethanol settled at 1.699 and is currently showing 1 bid at 1.531 and 2 offers at 1.749 and Open Interest at 45 contracts.