The 2020 March Quarterly Grain Stocks and Perspective Planting Reports held a few surprises. March 1st corn and wheat stocks were smaller than expected, while soybean and were slightly above average trade estimates. The big surprise was the year-over-year increase in total US Prospective Plantings. Following last year’s large Prevent Plant enrollment, total crop acres…
Cash Wheat Market Continues Rally; Interior Russian Prices Reach New Highs in Domestic Currency: The global fob wheat market has fully recovered, with spot offers this evening testing February’s seasonal high. The recent advance in price has been contra-seasonal. It’s odd that the market is rising so near the end of the crop year as…
US Soybeans Non-Competitive Until New Crop: The US enjoyed a better than expected weekly soybean export sales on Thursday of 33.0 Mil Bu which raised total crop year sales commitments to 1,319 Mil Bu. Unfortunately, this is down 209 Mil Bu or 14% from the same week last year. The cheapest world soybean FOB offer…
** Black Sea Vegetation Health Improves Despite Ongoing Dryness: This week’s updated vegetation health maps show continued improvement in Europe, the Black Sea, Brazil and India. Weekly deterioration is noted in Argentina and much of Eastern China. ARC highlights the EU/Black Sea region as wheat’s weather market lies dead ahead. The attached graphic shows current…
** Nearby South American Corn Basis Stays Firm on Logistic Uncertainties: South American cash corn is priced to sell for delivery from June onward. This reflects the expansion of harvest in Argentina, coming rainfall in Southern Brazil and ongoing currency weakness in South America. Yet, spot basis in South America has been firm as port…
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