Grains Futures Prices
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Soybean futures are 6 to 11 cents lower this morning. They were steady to marginally higher on Thursday, helped by gains in meal. Nearby May soy meal was up $3.50/ton, with front month soy oil down 49 points. Planted US soybean acreage in 2018 is projected at 91.5 million acres according to an Informa survey. Analysts are estimating 0.7-1.4 MMT in old crop soybean export sales were made during the week of 3/15, with 50,000-200,000 MT for new crop. Sales of soy meal are expected to run 100,000-300,000 MT, with soy oil at 20,000-50,000 MT. The Buenos Aires Grain Exchange trimmed their Argentine soybean production number 2.5 MMT to 39.5 MMT.
Corn futures are currently 3 to 4 cents lower after closing steady to 1 3/4 cents higher on Thursday. A survey of producers by Informa Economics puts the 2018 US corn plantings near 88.9 million acres. That is down 279,000 acres from their prior estimate. The USDA Export Sales report release was delayed by the USDA until this morning due to bad weather in DC. Expectations are running 1.4-2.1 MMT on old crop corn sales, with 100,000-200,000 MT in new crop sales. The Buenos Aires Grain Exchange cut the projection for Argentina’s corn production number 2 MMT to 32 MMT.
Wheat futures are trading 6 to 7 cents lower in Chicago this morning after seeing 1 to 3 3/4 cent gains in most CBT and MPLS contracts on Thursday. MPLS spring wheat is 1 to 3 cents lower, with KC mostly 5 lower. The KC HRW contracts were 5 to 8 cents higher yesterday. Informa Economics expects 2018 all wheat acres to hit 46.1 million acres, up 30,000 acres from their previous forecast The average trade guess for old crop export sales for wheat is 100,000-300,000 MT for the week that ended on March 15, with new crop expected to range 50,000-200,000 MT this morning. That would be within range of last week’s USDA report of 162,807 MT for old crop sales. Japan purchased 127,338 MT of wheat from the US and Canada on Thursday with 91,942 MT of US origin.