Grains Futures Prices
- Cocoa (CC) Testing Key 2000 Level
Cocoa (CC) surged over 3% yesterday, closing just shy of the psychologically key 2000 whole figure level. CC's bounce off the major 1800-1900 support...
- Will Soybean Exports Get a Bailout?
One of the mostnegative aspects of the soybean market the last few months has been exports. More specifically the lack of exports to keep us on pace to...
- Cattle Surge Higher!
Cattle futures surge towards the top end of the range.
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Soybean futures finished somewhat strong on Wednesday, considering March settled 7 1/2 cents off the low up 3/4 cent. Meal futures were $1.50/ton higher, with nearby soy oil 28 points lower. The USDA reported a private export sale of 130,000 MT of soybeans for 18/19 delivery to Unknown Destinations through their daily reporting system. Prevent plant acres in the FSA’s final report were at 435,430 acres for the 2017 soybean crop. That was well above last year’s 236,609 acres. In Brazil’s largest soybean producing state of Mato Grosso, forward sales have totaled nearly 42% of the 17/18 soybean crop, lagging last year’s pace of 55%.Mar 18 Soybeans closed at $9.68 3/4, up 3/4 cent,May 18 Soybeans closed at $9.80, up 1/2 cent,Jul 18 Soybeans closed at $9.89 1/2, up 1/2 cent,Sep 18 Soybeans closed at $9.89 1/2, unch,Mar 18 Soybean Meal closed at $324.30, up $1.50,Mar 18 Soybean Oil closed at $32.51, down $0.28
Wheat futures closed the Wednesday session with most HRW and SRW contracts 3 to 5 cents in the green on short covering. MPLS HRS contracts were fractionally higher. The FSA reported that US wheat producers enrolled in 619,685 prevent plant acres for the 2017 wheat crop. That was the fewest number of acres since 2012 and was 65.33% lower than the previous year. Ukraine exports of wheat have totaled nearly 11.7 MMT during the 17/18 marketing year so far according to their ag ministry, which lags the same time in the previous year by 0.6 MMT. The weekly Export sales report will be delayed until Friday.Mar 18 CBOT Wheat closed at $4.21 1/2, up 5 cents,Mar 18 KCBT Wheat closed at $4.27, up 5 cents,Mar 18 MGEX Wheat closed at $6.11 3/4, up 1/4 cent
Corn futures showed gains of 4 to 4 3/4 cents on Wednesday, supported by specs covering their short position. That was the largest 1 day move for the March contract since December 4. The weekly EIA report will be delayed until Thursday, with ethanol production coming off a steep drop in the previous weeks to 996,000 bpd. Data from the FSA shows 964,596 prevent plant acres for corn in their final acreage survey report. That was down 8.33% from the January 2017 report and is the fewest number of acres since 2012. South Korea purchased 137,000 MT of corn on Wednesday, with the optional origin source likely from the US or South America. Despite forecasts of rains, producers in Brazil don’t expect a huge reduction in corn acreage for the second crop, though some analysts would disagree. With the slower soybean crop, corn planting could be delayed beyond the ideal time.Mar 18 Corn closed at $3.53, up 4 3/4 cents,May 18 Corn closed at $3.61, up 4 1/4 cents,Jul 18 Corn closed at $3.69 1/4, up 4 1/4 centsSep 18 Corn closed at $3.76 3/4, up 4 cents