Friday March 15, 2024

Friday March 15th, 2024

Corn 4.00, Soybeans 2.50, Wheat 2.75
- May bean futures (SK4) sure had an exciting day yesterday, peaking at 12.17/bu, running through technical resistance. Unfortunately closing below the 12.00 psychological barrier.
- Corn traded within this week’s range and closed between the 20 and 9 day moving averages yesterday.
- Wheat still having trouble gaining any strength, after running into resistance at the 9 day moving average earlier in the week. China cancelling and postponed around1 million tonnes of Australian wheat until the second or third quarter of this year.
Export sales:
- Yesterday morning USDA announced a sale of 100k mt of corn to Mexico for 23/24 delivery. This is the fourth flash sale of corn to Mexico since the beginning of the year, totaling 33 million bushels.
- Corn exports came in at the top end of the trading range at 50.5mbu.
- Soybean sales lagged at 13.8 mbu, slipping behind the needed pace to meet the USDA target (48.5 mbu behind).
- Wheat sales did meet estimates, despite Chinese cancellations, at 49.1 mbu
USDA released drought monitor data yesterday
- Drought conditions expand in central and southern Minnesota, Northern Iowa and Northwest Missouri.