Morning Comments March 5, 2018
Monday, March 5, 2018, 8:03 AM
Submitted by: Landus Cooperative
Corn unchanged to up 1 cent
Soybeans up 1 to 2 cents
Last Friday, corn futures closed ¼ to 1 ½ cents lower as funds participated in end-of-week profit taking. For the week, nearby contracts were up 11 cents and exports have gained 2.5% since the prior week. Buenos Aires Grain Exchange left Argentina’s corn crop production estimates unchanged at 37 MMT.
Soybean futures closed mixed on Friday, with nearby contracts closing up 2 ¾ to 3 ¼ cents. USDA reported private export sales of 121,000 MT to unknown and 198,000 MT to China. Buenos Aires dropped their Argentine soybean production numbers 3 MMT to 44 MMT, well below the average trade estimate of 48.5 MMT based on a Bloomberg survey and USDA’s February number of 54 MMT. We will look for updated numbers from USDA on March 8th.
We encourage everyone to be careful if you are out hauling grain today with these high winds.