Futures Close Report 04/01/21

Soybean harvest commenced in Brazil’s largest producing state of Mato Grosso, with expectations for lower yields from this years harvest.
CBOT soybean prices have firmed to their highest levels since 2014 and remain trading near these as concerns over dry conditions and export disruption in South America combined with year end and lower traded Christmas volumes to drive markets.
Export prices for Ukraine wheat hit a six year high (FOB $268) for milling wheat. To date Ukraine has exported 12.48 million tonnes of wheat this season out of a planned 17.5 million tonnes.