Planting Intentions Survey
At noon Eastern Time on Thursday, 28 March, the USDA will issue results of its survey of farmers planting intentions for corn, beans and spring wheat as well as the inventory of grains and oilseeds on hand as of March 1st. So, both new and old crops will get a major dose of information that could move the market sharply up or down.
CBOT will be closed on Good Friday, March 29. No markets Thursday evening. Trade resumes normal evening session on Easter Sunday March 31.
Highlights
The Federal Reserve announced yesterday afternoon it will leave interest rates unchanged for now, but expects to cut interest rates a quarter of a percent three times in 2024. That news sent US stock market indexes to new highs and helped soybeans quite a bit as did Argentine weather and firm soybean oil in Brazil and meal in China. Soy oil for June shipments from Brazil were up 1.4¢ per pound.
Vegetable oil inventories at Indian and Chinese ports are low. In India, inventories fell 20% the past week, and in China, inventories of all vegetable oil declined for the 9th consecutive week. Soybean oil remains priced below palm oil, which does not make sense because soybean oil is much more healthy and easier to use than palm oil. Soybean meal basis was higher in China and lower in Brazil.