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- Soybeans May 2018
From Major Buy to Major Sell Overnight !
- Morning Grains Report 03/23/18
DJ U.S. Export Sales: Weekly Sales Totals-Mar 23 For the week ended Mar 15, in thousand metric tons, except cotton in thousand running bales. Net changes...
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Wheat futures settled the day with 8-9 cents gains in the HRW and HRS contracts, as SRW was 4-5 cents higher. Pre-weekend profit taking helped. Nearby KC was down 4.05% on the week, with MPLS 1.47% lower and CBT down 1.6%. The 5-day QPF now shows most of the rain chance for early next week confined to the eastern parts of the Southern Plains, with western KS now showing little to no rainfall. All wheat export sales were reported at 265,208 MT during the week of 3/15, on the high end of most analysts’ expectations. That is 62.9% larger than last week’s total, but still 36.6% smaller that this time last year. New crop sales were shown at 163,383 MT. Exports of all wheat were tallied at 472,845 MT, up 41.23 % from a week ago but 27.11% lower than this time last year.May 18 CBOT Wheat closed at $4.60 1/4, up 4 1/2 cents,May 18 KCBT Wheat closed at $4.79 1/4, up 8 1/4 cents,May 18 MGEX Wheat closed at $6.02 3/4, up 9 3/4 cents
Soybean futures ended Friday with most contracts fractionally mixed to 1 1/2 cents lower. Nearby May was down 2% on the week. Growing concerns of a possible trade war with China fed the selling. China announced a list of $3 billion in possible tariffs on US goods overnight, which did not include US soybeans. Nearby May soy meal was up $9.90/ton, with front month soy oil down 46 points. Export sales of old crop soybeans slid into the bottom of the range of expectations at 759,094 MT. That was a drop of 40.2% from the previous week but 61% larger than this time last year. Sales of new crop were reported at 140,000 MT. Shipments for the week of 3/15 were reported at just 548,681 MT, down 39% from the week prior and 35.4% lower than last year. Sales of soy meal totaled 194,619 MT, with soy oil tallying 36,504 MT. AgRural estimates that the Brazil soybean crop is now 65% harvested, ahead of the average of 62% but lagging last year’s 68%.May 18 Soybeans closed at $10.28 1/4, down 1 1/2 cents,Jul 18 Soybeans closed at $10.39 1/4, down 1 1/2 cents,Aug 18 Soybeans closed at $10.41 1/4, down 1 1/4 cents,Nov 18 Soybeans closed at $10.26 1/2, down 1/4 cent,May 18 Soybean Meal closed at $377.90, up $9.90,May 18 Soybean Oil closed at $31.42, down $0.46
Corn futures settled with most contracts 1 to 2 cents higher, with May down 1.44% since last Friday. This morning’s delayed USDA Export Sales report indicated 1.47 MMT in old crop corn export sales for the week ending 3/15, on the low side of expectations. That was down 41.31% from last week’s MY high, but 21.47% larger than the same week in 2017. There were 14,492 MT in net reductions for new crop corn sales. Export shipments of corn for that week totaled 1.375 MMT, 10.42% lower than a year ago and 2.2% off of last week. Accumulated exports so far this MY are at 21.587 MMT, down 22.19% from last year. Brazil’s first season corn crop is 43% harvested according to AgRural, lagging the average of 52%. Planting of the second crop was reported at 99% complete.May 18 Corn closed at $3.77 1/4, up 1 1/4 cents,Jul 18 Corn closed at $3.85 3/4, up 1 1/2 cents,Sep 18 Corn closed at $3.92, up 1 1/2 centsDec 18 Corn closed at $3.99 1/4, up 1 1/4 cents