CORN

• Private exporters reported sales of 165,000 mt of corn for delivery to unknown destinations during the 24/25 marketing year.
• There may be a lot of outside market influence this week with PPI, CPI, and retail sales reports all being released.
• Energy prices are higher this morning on fears that Iran may retaliate against Israel. This should be supportive to ethanol and biofuels.

SOYBEANS

• Private exporters reported sales of 300,000 mt of soybeans for delivery to unknown destinations. Of that total, 100,000 mt is for delivery during the 23/24 marketing year and the remainder during the 24/25 marketing year.
• Argentine soybean processor workers have been striking for a week at this point. This has delayed vessels set to ship soybean meal and oil, which in theory should support the US market.
• Brazilian soybean basis levels are reported to be firming up, which should help the US to garner some global export business.

WHEAT

• Paris milling wheat futures gapped lower on Monday, which is weighing on US futures this morning. This is despite talk that the French crop may see a 25% drop in production compared to a year ago.
• Showers are expected this week in the northern US and Canadian prairies. However, it may be too little too late to make much of a difference at this point for the spring wheat.
• As of last Tuesday, managed funds hold a combined net short position of about 107,000 contracts of Chicago and Kansas City wheat.

Author

Brandon Doherty