Stanford Grain Will Be Closed Friday April 3rd for Good Friday (Grain markets are Closed, will reopen @ 7:00PM Sunday April 5th)
Friday Afternoon Comments (3/27) Corn closed steady to a ¼ cent lower in a 4 cent trading range. Funds were sellers of 1,500 contracts by mid-session. Corn had a nice rally going from last Wednesday until weakness in wheat seemingly halted the rebound yesterday. For the week CK managed to firm 6 cents. The stocks and acreage report looms large as we head to the end of March. Average estimates show corn acres at 88.73 mln. and quarterly stocks at 7.61 bln. bu. The corn acreage and stocks portion of the report feel more important than soybeans going into the report as the balance sheets are a bit tighter for both 14/15 and possibly for 15/16. After the report, the market will focus more closely on U.S. weather. Forecasts into the first part of April point to a series of fronts moving through the Midwest with the lower Midwest remaining on the wet side and hampering field work. Longer term, El Nino conditions strengthening point to a better chance of cool conditions in the Midwest this summer. The weekly ethanol report showed corn usage at 100.1 mln. bu. Weekly corn sales of 17.1 mln. bu. were disappointing and YTD commitments of 1,456 mln. bu. are 130 mln. bu. below last year. The market also chose to follow the dollar and crude oil futures this week with the dollar a bit easier to end the week and crude oil faltering today and trading below the $50 level.
Soybeans closed 6-7 cents lower in a 10 cent trading range today. Funds were sellers of 4,000 bean contracts, 800 meal contracts, and 3,000 soyoil contracts by mid-session. For the week SK lost 6½ cents. Soybeans traded higher Monday and spent the balance of the week on the defensive. S. American harvest is progressing without too many problems as weather remains conducive to harvest. Brazil is still working with truckers regarding their grievances and Argentina is expecting a dock strike, but neither issue is expected to slow shipping to any great degree. The stocks and acreage report on the 31st is expected to show 85.9 mln. acres of soybeans in prospective plantings and quarterly stocks of 1.346 bln. bu. Weekly export sales were better than expected at 18.6 mln. bu. and bring YTD commitments to 1,781 mln. bu. but the trade remains focused on S. American offerings undercutting U.S. offers.
Wheat had a much quieter day today as it closed 7-8 cents higher after yesterday’s sell-off which was tied to improving weather in Europe/Black Sea region as well as from a lack of export demand for U.S. wheat. YTD export commitments are 263 mln. bu. last year.
Have a good & safe weekend!
Just do the best you can. No one can do more than that. John Wooden
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