CORN

• Corn futures are steady to higher to start the week, following last week’s strong finish.
• Stronger-than-expected export and ethanol demand now halfway through the marketing year makes a slight reduction in U.S. corn carryout in tomorrow’s USDA WASDE report likely.
• Managed money cut its net long position in CBOT corn futures and options by 118,000 contracts through March 4 — the second-largest weekly selloff on record — bringing the net long to approximately 220,000 contracts

SOYBEANS

• Soybeans start the week lower as uncertainty around U.S. soybean demand persists.
• Tomorrow’s USDA WASDE report is expected to show U.S. carryout steady to higher compared to last month. While crush demand remains strong, export demand has slowed in recent weeks.
• The IMEA reported that soybean harvest in Mato Grosso was over 91% complete as of late last week. Brazilian soybean for export are about 40 cents per bushel cheaper than U.S. soybeans for export.

WHEAT

• Wheat futures are leading the market higher to start the week, aiming for a third higher close in the last four sessions.
• Much of the U.S. winter wheat crop is expected to green up this week, with above-normal temperatures in the forecast.
•  According to Thursday’s drought monitor, 24% of U.S. winter wheat areas are experiencing some level of drought, up from 14% a year ago.

Author

Keegan Madigan