BASIC & RECENT MARKET INFO

Market Comment The USDA will issue its April S&D today at 10 AM Mountain time. Given the March inventory of corn, we already know feed use this past winter was stronger than USDA expected. We already know from weekly numbers that the corn for ethanol crush and corn exports are running stronger than USDA projected for the year. But will USDA reduce the corn carryover below 2 billion bushels, as they should, based on the numbers we already know? Probably not.   The average esti

Highlights The weather forecast in South America was better for crops in some areas and worse in others, but the bottom line is the traders wanted to reduce their long positions with the USDA reports coming on Thursday that will impact old crop prices with the inventory report and new crop prices with the acreage report. We do not do any grain marketing before the report. We can see that the acres may be a bit bearish corn and inventory may be friendly for corn and beans. In

Tidbits March U.S. manufacturing PMI (purchasing managers index) was better than expected at 52.5, services PMI was below expectation at 51.7, values above 50 imply expansion. Existing home sales were better than expected at 4.38 million. Jobless claims at 210k were less than expected.   Iowa is facing drought for the 4th year in a row. Today's drought monitor showed at least abnormally dry conditions with 23% for corn and 19% for beans. Seasonal outlooks, released by NOAA to

Tidbits The Director of Russian Foreign Intelligence Service says France is preparing to deploy 2,000 troops to Ukraine to help fight Russia. France’s President Macron, earlier this month, suggested NATO troops could support Kyiv forces. He has not ruled out the suggestion of French infantry intervention.   The Financial Times reports that the EU is set to place a 95 euro per mt tariff on grain imports from Russia and Belarus. EU imports of Russian grain hit a record 4 mil mt

Highlights 247AG, after predicting Brazil’s weather the next 10 days, reports:   "Can it get worse? Most definitely. Just getting started. Safrinha crop will be off by at least 20%, if not 30% or more."   Corn futures in Brazil continue to rise, buoyed by the weather forecast for April.   The Panama Canal Authority (ACP) will increase the daily limit of vessels through the canal from 24 to 27 on March 18th. Three Panamax ships would hold 6.5 mil. bushels of corn.

Highlights Dr. Michael Cordonnier lowered his Brazilian soybeans production estimate to 145 mil mt (USDA 156), down 2 mil mts while leaving his Brazilian corn production estimate unchanged at 112 mil mts (USDA 124).   Dr. Cordonnier left his Argentine soybean production at 50 mil. mts (USDA 50) and corn production 54 mil. mts (USDA 55).   Agricomp Commodities downgraded Argentina’s soybean crop 1.88 mil mts to 49.5 mil mts due to recent excess heat and lack of rain. They stat

Tidbits CBOT markets will not open until Monday evening. NOAA released its monthly 3-month long-range outlook for the US, joining several private services predicting warmer temperatures for the summer and potential dryness for the Western Corn Belt.     Baker-Hughes reported there were 621 oil and gas drilling rigs in operation last week in the USA, 2 less than the previous week and 139 less than a year ago. Canada had 234 rigs drilling, 2 more than the previous week, but 14

Tidbits USDA will release its monthly S&D on Thursday, February 8th at 11 AM Central Time. There will be no US production changes, just demand changes. The world S&D will have production and demand changes. All eyes will be on the South American crops and China’s imports.   Jason Britt of Central States Commodities did the math to help us keep a “handle” on US exports: Corn export sales last week were 47.5 mil bu; 22.5 mil. bu. needed to meet USDA projection  Soybean sales 6

Highlights Late yesterday US time, the US launched airstrikes against Iran-backed militias in Syria and Iraq as the Mideast war continues to expand. The US struck 85 targets linked to Iran’s Islamic Revolutionary Guards Corps’ Quds Force and affiliated groups. “Our response began today,” Biden said in a statement, “It will continue at times and places of our choosing.”   It was widely rumored at midday Friday that a substantial military strike would be launched within hours.