Thanks to Matt who farms in East Central South Dakota for sending this yesterday morning after seeing our report of the first case of bird flu in South Dakota:
Although South Dakota may have only reported 84,000 birds, the current number is around 500,000, mostly turkeys and about 123,000 laying hens that have been destroyed. I know of 3 different farms affected.
April options expire today.
Yesterday morning, the USDA reported the sales of 318,200 mts of old crop soybeans for delivery to unknown. CGB at Clayton, in NE Iowa (on The River) soybean basis went from 30 under two weeks ago to 11 over yesterday.
Putin said Russia will refuse to accept payment for natural gas in US dollars and euros. Payments will be in rubles. As a result, natural gas in Netherlands rose to $1,353 per 1,000 cubic meters.
The markets always consolidate before any USDA report and they started their “evening-up” phase about two days sooner than we expected. Lower corn and bean prices here at the end of the week is simply a matter of the specs taking their profit by selling out their long (previous purchases at lower prices) positions as well as some farmers selling ahead of one of the two most significant USDA report dates of the year on March 31st.