- Planting Concerns Remain High
Planting Concerns Remain High
- Grain Markets and USDA
Our team has their eyes on the grain markets and the USDA as March comes to a close.
- Corn (ZC) Weekly MACD Trying to Positively Cross
Corn (ZC) is trying to form the 7th green daily candle in 10 days, but is struggling to maintain the rally as seen by the daily Doji beginning to form....
Futures Market News and Commentary
Corn futures are currently fractionally lower after they ended Monday with most contracts 1 to 2 cents higher. Short covering and rain in the forecast for an already saturated WCB supported the market. Monday’s USDA Export Inspections report showed 995,997 MT of corn shipped in the week of March 21. That was a 24% jump from the previous week but 25.14% below this time last year. Individual state Crop Progress reports last night showed most Southern states (TX-38%, LA-50%, and MS-18%) other than AR (3%) are above their respective averages for planting progress, though they are all below last year. --provided by Brugler Marketing & Management
Soybean futures are trading 2 to 2 1/2 cents lower this morning. They saw 2 to 2 3/4 cent gains in the front months on Monday. Meal futures were up a dime/ton, with soy oil 16 points higher. USDA indicated that 857,970 MT of soybeans were exported in the week that ended on March 21. That was slightly higher than last week and 20.84% larger than the same week a year ago. Of that total, 335,241 MT was headed to China. AgRural estimates that the Brazilian soybean harvest is 67%, vs. the average of 63%. Chinese customs data shows that the country imported 907,754 MT of US soybeans in February, up sharply from January, but still lagging 3.35 MMT in the same month last year. --provided by Brugler Marketing & Management
Wheat futures are mostly 2 to 5 cents higher this morning in the Chicago and KC contracts. Minneapolis spring wheat is steady to a penny lower. They closed Monday with most winter wheat contracts 3 to 5 cents higher. MPLS was a penny higher in the May contract but lower in most other contracts. USDA export inspections for the week of March 21 totaled 340,398 MT. That was down 11.62% from the previous week. State by state Crop Progress reports show winter wheat ratings in the Southern Plains up from last week, with KS at 52% gd/ex (13% last year) and OK at 74% ( 9% LY), as TX was at 39% (vs. 12% LY). Egypt’s GASC announced a tender for wheat for 4/25-5/5 delivery, with results expected later today. --Provided by Brugler Marketing & Management