USDA Report 3/8/23 USDA report was friendly for soybeans as the Argentine crop was cut more than expected for both soybeans and corn. Domestically corn stocks were increased due to a jump in yield again for last year’s crop and cut demand by 75 Mil Bu. Soybean exports were raised by 15 Mil Bu but…
USDA crop report releases at 11am today. Estimates for today’s crop report are showing the USDA cutting its 2022/202 corn exports by 20-25 million bushels and raising soybean exports while wheat numbers stay unchanged. USDA estimated the Argentine soybean crop at 41 MMTs last month, now the market is estimating a number closer to 36.5…
Argentine crop estimates keep falling. Private Argentine corn and soybean crop estimates continue to be cut due to the drought turning out to be one of the worst in 60 years. We are seeing a soybean decline to 28-30 MMTs and corn decline to 36-39 MMTs. With the ongoing hot weather and dry February, they…
Wheat leads overnight price decline. We are seeing wheat prices at their lowest spot contract levels since 2021. All eyes will be on the crop report on Wednesday as that has the potential to bring support into this market for corn and beans with USDA and other private analytical firms are looking to slash Argentina’s…
Grains continue the recovery for mid-week lows. Grain futures were firmer overnight, with Chicago wheat weaker than the other wheat exchanges, as 704 contracts were delivered, with only 90 contracts for Kansas City wheat. Grain prices put in a low “last day of the month/1st day of the month” and are recovering as Argentina, and…
China may have bought grain, and Russia grumbles. Grain futures firmed overnight as Russia is now talking a little smack as they are creating a hurdle to extend the Black Sea Corridor amid the recent US/EU sanctions impacting their financing/insurance and Azov Sea grain transportation. Russia states that the new economic sanctions encumber their grain/fertilizer…
Grains search for a liquidation low. Grain futures are mixed this morning after initially seeing a rally across the board overnight. Soybeans moved higher as China’s PMI index showed a surge that reflects expanding domestic demand for commodities and the hope for a Chinese recovery. French milling wheat opened softer early this morning and is down…
Spec trade: Lower stop on May corn to 634.4 and June hog stop to 100.65. May corn futures should find support above the December low ahead of the start of negotiations for the Safe Grain Corridor late this week, as Russia will probably have an ax to grind on the new sanctions started last Thursday….
Soybeans hit with deliveries Grain futures are lower across the board this morning, with soybeans tumbling from the start as deliveries as 411 contracts were tendered against the March contract from Cargill. In addition, there were 8 contracts of soybean oil and 352 contracts of corn. Kansas City wheat found 245 contracts delivered, with 911…
