Morning Comments March 2, 2018
Friday, March 2, 2018, 9:03 AM
Submitted by: Landus Cooperative
Corn: Up 1
Soybeans: Up 2 to 10
Wheat: Down 1 to 5
Yesterday, the March corn contract closed 4 1/4 higher settling at $3.78 3/4, while December was 3 1/4 higher at $4.04 3/4. Corn found strength from the wheat market and strong weekly export numbers, coming in strong at 1.753 MMT. This is well above the expectations of 1.0 - 1.4 MMT. With Argentina’s drought and the late Brazilian 2nd crop corn planting, the U.S. remains the only place with large quantities of corn till mid-June, also supportive to prices.
The March bean contract closed 12 1/2 higher yesterday, settling at $10.57 1/2 and November was 5 3/4 higher at $10.38. The May bean contract hit a new contract high last night. Weekly sales were well above trade expectations at 858,000 MMT; sales were the best in 6 weeks. Trade is starting to become more concerned with NAFTA as well as retaliation with the announcement of new tariffs on steel and aluminum.
Updated drought map as winter wheat continues to decline in ratings across the Southern States.