Morning Comments March 5, 2019
Tuesday, March 5, 2019, 1:03 PM
Submitted by: Landus Cooperative
Corn Steady to mixed
Soybeans 2 to 4 lower
The corn market was able to bounce back a little yesterday supported by some new buying interest, strength in the soybean market and the hope that when the U.S. and Chinese leaders meet in Florida March 27th there will be resolution to the current trade situation.
The weekly export inspections came in at 866,000 mt, in line with trade estimates of 750-950,000 mt. The USDA did announce a sale of 100,500 mt of corn to Columbia and announced that Turkey is tendering for 300,000 mt of optional origin corn.
Traders wait for news and begin to position for the next WASDE report due out Friday morning at 11:00 a.m.
This morning soybeans are trading lower as traders remain cautious about the prospects for the U.S./Chinese trade deal and on concerns that Friday’s WASDE report may show a slightly higher soybean carryout than the February report showed. The weekly export shipments came in at 844,000 mt, a bit below trade estimates of 900,000 mt to 1.3 mmt.
The March dollar index is trading 5 points higher this morning at around 96.66. This morning the April crude oil contract is trading around $0.10 lower. The April contract is trading just above the $56.50 level.
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