Hard Wheat Futures Rally on Dakota/S Canadian Prairie Dryness; Weekly US Ethanol Grind Just 3% Below 2019, CONAB out with Monthly Report Thursday

Hard wheat markets have come to life with Minneapolis and KC wheat futures rising to noticeable midday gains. The rally in wheat has taken the selling pressure of old crop corn futures (wheat being fed to Plain’s cattle beyond mid-May on their discount), while fund liquidation in soybeans/soyoil has pressured the complex. The volume of…

Old/New Corn Spreads Unwind in Active Volume; USDA Reports SRW Export Sale to Unknown (China?); China Rumored to Have Booked New Crop US Corn

Bull spread (old vs new crop) liquidation in corn along with modest fund buying in soybeans and Chicago wheat has produced mixed valuations at midday.  The volume of CBOT trade is being restricted by holidays in the EU and China, but there is a sense of improving volume and new speculative buying heading into USDA’s…

USDA March Stocks/Seeding Report a Bullish Shocker; Corn/Soybeans Limit Up on Bullish 2021/22 Balance Sheets; US Corn Feed/Residual Too Low

AgResource March Stocks/Seeding Analysis: The USDA Stocks/Seeding Report was bullish with 2021 US corn and soybean seedings well below trade estimates. This creates a need for the marketplace to secure/buy additional acres this spring. Moreover, March 1st US corn stocks were 100 Mil Bu less than expectations which creates the need for WASDE to raise…