The bigger surprise the lack of spring wheat acreage expansion. Winter wheat seedings totaled 35.3 Mil Acres, vs. NASS’s previous estimate in January of 34.4 Mil. Durum seeding intentions total 1.92 Mil Acres, up 280,000 (17%) from final acres last year. Other spring wheat intentions total 11.2 Mil Acres, down 220,000 acres year-over-year. The market…
Soybeans Recover Ahead of Key USDA Reports: Soybeans moved higher ahead of the USDA March reports, supported by short-covering and rising concern that the Ukraine/Russian war continues. Peace/Cease fire headlines have driven this weeks day-to-day CBOT price swings. The USDA’s Planting Intentions Survey was conducted in early March, but initial farmer decisions were likely determined…
Soybeans Follow Grains Down Lower: Weakness in CBT grain markets related to Ukraine/Russia peace talks, along with liquidation ahead of the USDA reports, left soybean futures down 21-23 cents on Tuesday. It’s a USDA report week which, along with the elevated volatility, has reduced trading interest/volume, and left prices to fall under their own weight.…
Soybeans Fall Sharply In Correction: CBT soy futures fell 40-46 cents to open the week in a mix of selling that was tied to peace talks in Ukraine and profit-taking ahead of the USDA Stock/Seeding report on Thursday. Soybeans paced Monday’s decline and crush spreads gained 2-6 cents. The USDA announced export sales of 4.9…
Soybeans Find Support Under $17: Soybeans gained 9.5 cents on Friday and finished the week 42 cents higher. May soybeans found buying on the overnight break below $17 and marked the highest weekly close for the May contract. Meal and oil both marked solid gains. CBT crush spreads ended mixed. Ahead of the March Grain…
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