Morning Comments March 6, 2018
Tuesday, March 6, 2018, 8:03 AM
Submitted by: Landus Cooperative
Corn unchanged to down 1 cent
Soybeans down 1 to 3 cents
Nearby corn contracts gained 2 cents by the close yesterday. USDA Export Inspections report showed corn shipped during the week of 3/1 to be 947,642 MT, with YTD exports 30.87% behind where we were at this time last year. According to the CFTC report last week, funds were net long 59,120 corn contracts as of Tuesday.
Soybean contracts closed 6 ½ cents up on Monday. We did see pressure on soymeal futures, as traders bought bean contracts and sold meal contracts to profit on the crush spread. Export reports came in at 990,113 MT for the week, a 4.47% increase in this time last year. The CFTC report put funds net long at 147,380 contracts.
Both corn and soybean markets have been supported by the weather concerns in Argentina the last couple weeks, as a poor crop there puts more pressure on Brazil and the U.S. to ensure demand does not exceed supply. It has not been uncommon for trade to drop off on the overnight and pick back up when markets reopen in the morning, but it is always a good idea to utilize offers and continue taking advantage of these rallies.
MEMBER MEETINGS continue this week. Thursday we will be in Glidden and Friday in Menlo.
- Section 199
- 2018 CapEx Plans
- Agronomy Fleet Upgrades
- New/Online Customer Portal
- Computer System Changes and One Customer Statement
- Technology Investments
- Plans for Demolition and Site Clean-Up
- and Q&A