Thursday March 7, 2024

• Yesterday wheat futures fell to their lowest trade since August 2020
  • There has been indications that China may cancel previous US SRW purchases 
  • Cheap Russian wheat has been undercutting global prices
• Corn has posted a steady rise over the morning hours and was able to push past the 20 day moving average
  • This has been the most bullish technical move in 4 months even though there has been no fundamental help
  • If the overnight strength holds through the morning we could hopefully see $4.40 futures met 
• Soybean futures are treading at the trendline resistance, if futures are able to clear the 20 day moving average we could hopefully see some more momentum 
• There is talk that Argentina will receive reduced precipitation this fall as El Nino fades
• The market was mostly unfazed by the release of export sales numbers this morning. Sales were decent with corn in the middle of the trade estimate and soybeans beat expectations. 
• The March S&D USDA report comes out tomorrow and is expected to be quiet
  • Very little changes expected for the US side
  • South American estimates will be the center of attention, but the excitement has worn off compared to prior months