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Corn futures are steady to fractionally lower this morning. They closed the Monday session with most contracts 5 to 7 3/4 cents in the red, seeing pressure from sharp declines in wheat and soybeans. Separate private export sales of 115,000 MT of 17/18 corn to unknown destinations and 206,000 MT of 18/19 corn to Japan were reported by the USDA Monday morning. The USDA also reported that 1.409 MMT of US corn was inspected for export during the week of 3/15. That was 2.33% larger than the previous week and 3.78% above the same time last year.
Wheat futures are mostly 3 to 5 cents higher this morning. They settled with 9 to 15 1/4 cent losses in the MPLS contract on Monday, as Chicago SRW was down 15 to 17 cents. KC HRW contracts were hit the hardest, as the nearby contracts neared limit lower moves, down 25 to 29 1/4 cents. Much needed rains developed across Kansas on Sunday into Monday morning. Parts of south-central KS saw almost 2 inches, with the far western areas receiving little moisture. State condition reports showed improvement in OK ratings for the week that ended on Sunday, with TX and KS shown deteriorating. However, conditions have likely improved in parts of KS since the rating were submitted. Wheat export inspections for the week of 3/15 totaled 443,269 MT, 3.37% larger than the previous week but 31.9% lower than a year ago. Japan is seeking 127,338 MT of wheat from the US and Canada, with the weekly MOA tender to close on Thursday. Most of that total is sought from the US at 91,942 MT.
Soybean futures are trading 1 to 2 cents in the green this morning. They ended Monday with sharp losses of 26 to 27 cents in the nearby contracts, as Nov was down 18 1/4 cents. There was a surprisingly small decline in open interest, dropping 3,224 contracts to indicate some long liquidation. Front Month soy meal was $14.30/ton lower, with May soy oil 8 points higher. Monday morning’s USDA Export Inspections report indicated that just 490,536 MT of 17/18 soybeans were shipped for the week that ended 3/15. That was down 47.36% from a week ago and 30.08% lower than that week in 2017. Rain in Argentina over the weekend also fueled some selling pressure.