Corn futures continue to recover from post-USDA stocks report losses. News from US-Chinese negotiations is, on balance, positive and Trump now looks to delay action on the US-Mexico border. Modest short profit taking is noted. We also mention that more attention is being paid to the US weather pattern. Operational models continue to add…
CBOT corn futures ended narrowly around unchanged. The market’s next move is unclear amid rising South American crop estimates and meetings this week between US & Chinese negotiators – which begin Wednesday. We also mention ethanol blending margins continue to soar, with crude hitting new seasonal highs this evening at $62.50/barrel. US weather’s impact on…
Follow through fund selling was absent today and the market very likely forged its seasonal low following Friday’s bearish USDA data. Funds bought/covered 17,000 contracts. Interior corn basis rallied sharply amid the break in futures and as the demand for physical corn at export terminals grows. Weekly US export inspections through the week ending March…
NASS reported March 1st soybean stocks at 2,716 Mil Bu, up 606 Mil Bu (29%) from a year ago and the largest March 1st stocks figure on record. The stocks total was 33 Mil Bu (1%) over the average trade estimate and implies a quarterly residual rate of +14 Mil Bu (missing bushels) – meaning…
CBOT corn futures ended fractionally higher in weak volume. There simply isn’t much to do ahead of Stocks & Seedings data and high-level Gov’t meetings between the US and China in Beijing. US-China progress continues, although additional corn demand cannot be confirmed. Funds today were net buyers of 1,000 contracts. US weekly export sales…
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