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MARKET COMMENTARY

Morning Comments March 6, 2019

Wednesday, March 6, 2019, 2:03 PM
Submitted by: Landus Cooperative


Opening Calls:

Corn Steady to 1 Lower

Soybeans Steady to 1 Lower

 

 

Traders continue to be reluctant to sell corn with the ongoing optimism about future Chinese purchases of U.S. corn with China’s supposed pledge to buy massive amounts of U.S. ag goods. There is also more talk about the extreme weather conditions in the Corn Belt which shows no signs of ending any time soon. That is offset a bit by the favorable weather in South America which is going to limit the upside in corn prices.

 

The average trade guess for the U.S. carryout in Friday’s WASDE report is 1.736 bil bu with a range of 1.680-1.795 bil bu and vs. the February carryout of 1.735 bil bu.

 

The average trade estimate for the South American corn crop is as follows: The Brazilian crop is expected to come in at 94.66 mmt (range of 93 to 96 mmt) vs. 94.5 mmt in February. The Argentine crop is expected to come in at 45.92 mmt (44-47 mmt) vs. 46 mmt in February.

 

The world carryout in corn is expected to come in at 309.6 mmt (range 306.3-312 mmt) vs. 309.78 mmt in February.

 

The average trade guess for the U.S. carryout in Friday’s WASDE report is 902 mil bu with a range of 860-940 mil bu and vs. the February carryout of 910 mil bu.

 

The average trade estimate for the South American soybean crop is as follows: The Brazilian crop is expected to come in at 115.73 mmt (range of 115 to 118.5 mmt) vs. 117 mmt in February. The Argentine crop is expected to come in at 55.23 mmt (54-56.7 mmt) vs. 55 mmt in February.

 

The world carryout for soybeans is expected to come in at 106.33 mmt (range 104.4-113.57 mmt) vs. 106.72 mmt in February.

 

The March dollar index is trading 4 points higher this morning at around 96.84. This morning the April crude oil contract is trading around $0.50 lower. 

 

Don't wait, register today for Ventures! Landus Cooperative’s women in ag conference is being held March 22-23 in West Des Moines! Click here for more details and to register: http://www.landuscooperative.com/news_release/ventures/

 

 

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