CBOT May Corn Soars on Cash Tightness and Fund Buying; NOPA February Crush Report Bearish; Midday GFS Model adds to Southern Brazilian Rains

CBOT futures are mixed at midday with corn rising strongly on renewed fund buying, heady US weekly export inspections and the difficulty that ethanol producers/exporters are having securing cash corn for replacement. The cash corn market has real strength showing this morning which is relating into old/new crop spreads. Domestic supplies of US corn and…

CBOT Mixed at Midday; South American Crop Size Debate Continues; Brazil’s Ag Minister Concerned About Winter Corn Production

CBOT futures are mixed at midday after an early bout of tired long liquidation. May soymeal futures fell below the 100-day moving average which triggered aggressive fund selling following the close below the 50 day average yesterday. Soybeans followed meal lower until cash connected buying pulled May futures back above $400/ton. The RSI on soymeal…

US Soybean and Corn Sales Record Large for early March; GASC Books 360,000 MTs of E European/Black Sea Wheat; Midday GFS Forecast Wetter for Argy

AgResource Farm Marketing Advice for Thursday: 1/ Livestock Feeders: May and forward soymeal as offering an attractive purchase price below $404/ton. Move purchase coverage up to 75% thru the summer on any price fall in May soymeal to $404 and below. Clients may have to secure futures since crushers are not offer cash meal beyond…

CBT Falls on March 17-20th Argentine Rain Prospect; CONAB Out Thursday AM with March Brazilian Crop Estimates; US Ethanol Demand Solid/Improving

 CBOT futures are sharply lower at midday based on long liquidation in thinning volume. Improving rain potential for Argentina and the Central US Plains has pushed all CBOT values sharply lower. May corn, soybean and KC May wheat have declined to their key chart-based support areas at; $5.30-5.35, $13.90-14.10, and $6.00-6.10, respectfully. Cash connected end…

March WASDE Carbon Copy of February; CBOT Declines & Recovers as Traders Point to Speculative Position Bump Next Week; Awaiting CONAB Thursday

The March USDA crop report failed to offer any excitement with CBOT futures in decline on liquidation. Historically, the USDA is passive in March due to the more important Stocks/Seeding Report that is due on March 31st. However, this month’s report was ultra-passive with WASDE not making any change to US 2020/21 corn, soybean, or…