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Grains Futures Prices

Mon, Mar 27th, 2017
[[ timeframe ]] futures price quotes as of Mon, Mar 27th, 2017.
[[ timeframe ]] futures price quotes, based on [[ timeframe ]] data.
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Corn futures are currently fractionally higher after trading steady to fractionally lower on Friday. May 17 lost 11 1/4 cents (3.06%) last week and posted a new low for 2017. In the weekly Commitment of Traders report, managed money accounts were shown to add 58,089 contracts to their net short position in corn options and futures vs. the previous Tuesday. This is the largest net short position reported for that group since early January. A Bloomberg survey of analysts has the average estimated corn acreage figure ahead of next Fridays Planting Intentions report at 90.9 million acres. Total corn export commitments are 83% of the USDA projection for total exports; vs. 66% last year at this point and the five-year average of 79%. Brazil ethanol production for the first half of March is down 28% from the same time in 2016, according to the UNICA.
Soybean futures are trading 2 to 3 cents per bushel lower this morning after losing 14 to 15 cents on Friday, for a weekly loss of 24 1/4 cents. May17 beans dropped to its lowest price since mid-October. Soymeal futures were down $2.50 on the day and 3.25% on the week. Soy oil dropped 99 points on Friday. Bloomberg’s survey shows traders expecting 88.3 million acres for 2017 US soybean plantings, with a range of 86.4 to 90.2 million acres. Managed money accounts reduced their net long position by 32,685 contracts in soybean options and futures. Their net long position of 65,669 contracts is the smallest reported since early October 2016. Total Us soybean export commitments are now 98% of the US estimated 16/17 export total. That is 12% higher than the same time last year and 5% ahead of the five-year average.
Wheat futures are 2 to 4 cents lower this morning in the HRW and SRW contracts. The MPLS HRS contract is steady to a penny higher as that market continues to try to buy some acreage. From Friday to Friday, KC May dropped 5.62%, CHI SRW lost 2.64% and MPLS was down 2.41%. All wheat acreage is expected to be around 46.1 million acres, according to the average in Bloomberg’s survey of analysts. Satellite imagery firm Planalytics released forecasts for winter wheat yield at 48.2 bu/ac, vs. 55.3 bu/ac last year. In CHI wheat options and futures, managed money accounts increased their CFTC net short position 20,376 contracts last week. In the KC HRW wheat they reduced their net long position by 10,031 contracts from Tuesday to Tuesday. Total export commitments for wheat are 93% of projected exports, behind both last years and the five-year average of 97%. Taiwan purchased 98,200 MT of US milling wheat on Friday. Coceral estimates EU 2017 soft wheat production at 144.8 MMT, which would be up 7% from the bad 2016 crop. French winter wheat conditions are estimated at 90% good/excellent, down 2% from last week.
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