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Wheat, Corn Basis, Soybeans & Fuel Comments, Markets Update & Rain Days 03/09/2022

The USDA will issue its monthly S&D today at noon Eastern Time.

USDA announced yesterday morning the sale of:

193,000 mts of new crop hard red spring wheat to the Philippines

132,000 mts of new crop soybeans to China

126,000 mts of old crop soybeans to unknown

 

After May wheat rallied yesterday from limit down to nearly unchanged, we all wondered what happened? Apparently, Putin has a lot of pull. He signed a decree banning commodity exports to the US and its allies through December of 2022. It is assumed to include wheat, but the list of commodities & countries is to be published on Thursday.

 

Last evening, the Gulf basis for corn was 5 to 7 cents firmer for March and April with soybean basis 5 cents firmer for March and 8 cents firmer for April.

The Illinois corn processor basis bids were up 30 cents, Indiana basis up 3 cents and Nebraska basis down 3 cents. Ethanol bids were unchanged to 6 cents firmer. Soybean processor bids were up 20 cents in Illinois and down 5 cents in Indiana. What is going on in Illinois?

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