- 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 showing 1 to 2 1/4 cent gains in most contracts on Monday. This morning’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. Friday afternoon’s Commitment of Traders report indicated that spec traders in corn futures and options extended their record net short position to 261,326 contracts as of March 19. The final number for the 2018 Ukraine corn harvest was pegged at 35.8 MMT, vs, the current USDA estimate of 35.5 MMT.May 19 Corn is at $3.80, up 1 3/4 cents,Jul 19 Corn is at $3.89 1/2, up 2 cents,Sep 19 Corn is at $3.95 1/2, up 2 1/4 centsDec 19 Corn is at $4.02, up 2 cents --provided by Brugler Marketing & Management
Soybean futures are trading 2 to 3 1/2 cents higher at midday. Meal futures are up 50 cents/ton, with soy oil up 18 points. USDA indicated that 857,970 MT of soybeans were exported in the week that ended on March 21, according to this morning’s Export Inspections report. That is slightly higher than last week and 20.84% larger than the same week a year ago. Money managers in soybean futures and options backed off their CFTC net short position by 26,205 contracts as of Tuesday to a net position of -63,992 contracts. AgRural estimates that the Brazilian soybean harvest is 67%, vs. the average of 63%. Chinese customs data suggested 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.May 19 Soybeans are at $9.07 1/2, up 3 3/4 cents,Jul 19 Soybeans are at $9.20 3/4, up 3 1/2 cents,Aug 19 Soybeans are at $9.26 3/4, up 3 1/2 cents,Sep 19 Soybeans are at $9.31 3/4, up 3 1/4 cents,May 19 Soybean Meal is at $315.50, up $0.50May 19 Soybean Oil is at $28.84, up $0.18 --provided by Brugler Marketing & Management
Wheat futures are 3 to 5 cents higher in the winter wheat contracts, with MPLS mixed and within a penny of UNCH. All wheat export inspections for the week of March 21 were tallied at 340,398 MT by the USDA. That was down 11.62% from the week prior and just a slight 3,374 MT lower that the same week in 2018. CFTC data showed that spec funds in KC wheat futures and options added to their record reported net short position. It was 51,380 contracts on Tuesday. Their net short in Chicago was 73,506 contracts on March 19. Ukraine’s final 2018 wheat harvest was tallied at 24.6 MMT according to the country’s statistics, compared to 25 MMT projected by USDA on March 8.May 19 CBOT Wheat is at $4.70 1/4, up 4 1/4 cents,May 19 KCBT Wheat is at $4.49 3/4, up 4 3/4 cents,May 19 MGEX Wheat is at $5.71 3/4, down 1/2 cent --Provided by Brugler Marketing & Management