Thursday March 28, 2024

  • USDA stocks/seeding intentions report will be released later this morning, followed by the holiday weekend
    • Open interest fell on Wednesday, in anticipation of the report
      •  Down 828 contracts for corn and 1,355 for beans, open interest for wheat up by 2,175 contracts
    • Corn and beans futures have declined in recent days, on expectations of bearish supply data
    • Following the report the market’s focus shifts to weather/future supplies
  • Russian wheat values have pushed higher this week and trading around $209-210/mt fob
  • US farmers are expected to start seeding corn/soybeans in 10-14 days due to warming Southern-Midwest temperatures
  • Agroconsult estimates Brazil soybean production up 4.3 million tons from the January estimate
  • China manipulating its soybean import data
    • USDA has quit using Chinese soybean trade data
  • China continues to release soybeans onto the domestic market from their┬áreserves
    • Officials will offer the third batch of 8.1 million bushels onto the market, at auction tomorrow.
    • 23.9 million bushels were released over the last two weeks