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| Overall solid day to start the new week. Wheat rallied despite the cancellations from China.
Corn posts it's 4th day higher in a row, and highest close in nearly a month. Last week was our highest weekly gain in 5 months.
Soybeans were down a nickel, but still remain +50 off the lows from 2 weeks ago.
Export inspections were solid for corn, decent for wheat, and on the light side for soybeans. This was part of the reason for the weakness in beans today.
We had yet another flash sale cancellation of wheat to China. This marks 3 days in a row of cancellations, bringing the total to over 500k metric tons cancelled.
Why did wheat rally despite the cancellations?
The cash market mainly knew about these cancellations last week, meaning these cancellations were mostly old news. A bit of buy the rumor sell the fact.
We had very solid action in the wheat market. Friday we just missed the key reversal on the charts, today we had posted a great key reversal. Bouncing +27 cents off the lows. (Chart below)
The CONAB report is out tomorrow. They think the Brazil crop is a lot smaller than the USDA does. Remember last month, our markets jumped when they saw these numbers but the USDA's larger numbers dropped us back down.
Last month CONAB had 114 MMT for their corn vs the USDA's 124 this month. For soybeans CONAB had 149.4 vs the USDA's 155 this month.
Corn futures in Brazil jumped today due to the weather. It looks like they will be seeing heat of over 104 degrees this week.
Along with that heat, the forecasts are showing a lack of rain for the next 2 weeks. Not a great look for that second crop corn. (Forecasts below)
Their second crop corn planting is 93% complete. Ahead of last year's 82% at this same time.
What does a fast planting or fast harvest typically mean? It usually means it is dry….
Read the rest of today’s update where we go over everything you need to know in the grains today
Read Here: https://txt.so/Bxy3Mz
Edited by Mr.Grain 3/11/2024 20:46
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Market comments - wheat key reversal & corn higher past 9 of 11 days
