Morning Comments March 12, 2018
Monday, March 12, 2018, 8:03 AM
Submitted by: Landus Cooperative
Corn -1 to 2
Beans -1 to 3
The grain markets are under mild pressure this morning, with corn and soybeans both down a couple before the 8:30 open. Technically, May corn is showing a gap lower trade, although fighting back towards the upper end of the overnight session. Weather forecasts show improved rain chances for Argentina, and the weekend weather event for Argentina saw .20 - .70” fall across 25% of their growing region.
Brazil’s soybean harvest has reached 48% complete, which compares to 56% a year ago, and 46% on average. Planting progress on the 2nd corn crop is 81% vs. 88% this time last year. Brazil’s first corn harvest has reached 26.3% complete, down from last year’s pace of 37%.
Friday’s Commitment of Traders Report showed funds were net buyers of approximately 104,000 contracts of corn, and 36,000 contracts of soybeans. The funds were reported long approximately 184,000 contracts of beans and 164,000 contracts of corn.
We also saw some good export news this morning, with 107,752 tons of corn sold to Japan in 17/18, and 254,800 tons of corn sold to unknown in 17/18.