|
| Decent close today in the grains as both corn and beans close higher.
Soybeans rallied +15 cents off their lows after trading down double digits to start the day and posted a new high close for this move.
Wheat on the other hand continues to struggle, nearly posting a new low close.
Weekly Price Changes:
• Corn: -4 cents
• Beans: +12 1/4 cents
• Chicago Wheat: -9 1/2 cents
• KC Wheat: -23 3/4 cents
• MPLS Wheat: -17 cents
Initially corn and beans saw pressure from some recent Brazil rain that is expected to fall into the weekend.
Corn got a little boost from a USDA flash sale of 125k MT to unknown this morning. This adds on to yesterday's 100k MT sale to Mexico yesterday.
The NOPA crush report today was huge and sharply higher than expected. A record for the month. Coming in at 186.19 million bushels, far above the 178.1 estimates. A +12.6% increase from last year's 165.4.
After this warmest winter on record that came along with very little precipitation, the Midwest is expected too see some cooler temps along with some rain over the next two weeks.
Allendale released their farmer survey for US plantings:
• Corn: 93.5 million acres. Down -1.2% from 2023. The USDA has 91 million.
• Soybeans: 85.8 million acres. Up 2.7% from last year. The USDA has 87.5 million.
• Wheat: 47.6 million acres. Down -3.9% from last year. The USDA has 47 million.
In two weeks on March 28th we get that big report that includes the stocks report and acreage report. There is some talk that the acres could be high….
Read today’s grain market update where we go over all the potential bullish, bearish & wild card factors for the grains moving forward
Read Here: https://txt.so/0ZWFLb | |
|
Market comments - Beans bounce & huge NOPA
