CORN
- Corn is trading slightly lower this morning after four consecutive higher closes. The trend this week has shown prices lower in the morning followed by a rebound later in the day, and corn remains well off its contract lows.
- The CME reported just 3 deliveries against the March corn contract yesterday evening which hasn’t had much effect on trade, unlike yesterday’s large amount of deliveries against soybeans.
- The Buenos Aires Grain Exchange has kept its estimates for Argentinian corn production unchanged at 56.5 mmt as favorable weather improves crop conditions.
SOYBEANS
- Soybeans are trading higher today but remain rangebound and only slightly off their contract lows. Favorable South American weather and significantly cheaper cash offers out of Brazil have pressured futures.
- Yesterday evening, the CME reported 502 deliveries against March soybeans along with 1 delivery against March soybean meal and 37 deliveries against March soybean oil. Futures are higher despite this.
- As in corn, Argentina has left its estimate for soybean production unchanged at 52.5 mmt which would be more than double last year’s production. 72.2% of the Argentine crop is rated adequate to optimal.
WHEAT
- All three wheat classes are trading lower this morning with the majority of losses in the KC wheat contract. Overall, wheat prices remain relatively rangebound and off their contract lows.
- The CME reported that there were 116 deliveries against March Chicago wheat yesterday evening, 10 against March KC wheat, and 2 against March Minn wheat. This was relatively light considering these low prices.
- Yesterday’s export sales showed total sales for 23/24 up 6% from the previous year but shipments down 11%. China had been an active buyer of US wheat a few months ago but there has been little activity since then.
Author
Amanda Brill