Morning Comments March 19, 2018
Monday, March 19, 2018, 8:03 AM
Submitted by: Landus Cooperative
Corn -4 to 5
Beans – 15 to 18
Grain markets under moderate pressure this morning following weekend rains in Argentina as well as the U.S. southern Plains, with corn down 5 and soybeans down 15. Argentina saw a front that produced 1 to 2” rains, with some areas getting a total of 2 to 4”. Other factors pressuring the market this morning include surprisingly large fund long position, decent harvest progress in Brazil, and potential for an increase in the soybean planted acreage in 2018. Friday’s COT report showed the funds were net buyers of approximately 70k of contracts of corn and 24k contracts of beans. We could see the market setting itself up for some consolidation ahead of the USDA’s March acreage estimate.
Keep in mind, March 29th brings planting intentions report and quarterly stocks reports. All ahead of a 3 day weekend for the markets. While this report generally tends to set the tone for a good period of time, the fact that it is ahead of a 3 day weekend could also add some volatility. Please take this into account.
Final member town hall meeting is this Wednesday at 11 a.m. in Templeton.
. Section 199
. Computers System Changes and One Customer Statement
. 2018 Capital Expansion Plans
. Technology Investments
. Agronomy Fleet Upgrades
. Plans for Demolition and Site Clean-Up
. New/Online Customer Portal