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. 
  • US areas experiencing drought:
    • Corn 36%
    • Soybeans 33%
    • Winter Wheat 14%
    • Spring Wheat 30%
    • Cattle 18%