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Admin - 26/03/2020
Weather : Much of the eastern Corn Belt could gather another 1” to 2” of additional rainfall between Thursday and Sunday, per the latest 72-hour cumulative precipitation map from NOAA. Parts of the Central Plains could also see moderate precipitation during this time. For the first week of April, the agency’s 8-to-14-day outlook predicts drier weather in the Midwest, with some seasonally wet conditions in the Northern Plains.

General : Grain markets were mixed but mostly firm Wednesday, amid strong overall demand and another round of promised aid from Congress. Wheat was the session’s big winner, with some contracts booming more than 3% higher today. Corn also tracked slightly higher. Soybeans bucked the overall trend, suffering a modest setback and ending a “winning streak” that stretched through the past seven consecutive sessions.South Korea made no purchases in its latest tender for 2.5 million bushels of feed wheat that closed earlier today. Offers were thought to be too pricey, according to traders. The grain was sought for arrival in October.




May bean oil futures were 9 to 16 points higher. Private exporters announced that South Korea had purchased 20,000 MT of soybean oil for a 19/20 MY delivery. Traders are anticipating tomorrow’s Export Sales report to show 400k to 800k MT of soybean sales, with an additional 0 to 100k MT of new crop sales. Soybean meal sales are estimated to range 100-350k MT. Trader estimates for soybean oil sales are 8k to 30k MT, with 0 to 5,000 MT more for next MY.




USDA announced an old crop export sale of 138,000 MT of corn to unknown destinations this morning. Traders are expecting tomorrow’s Export Sales report to show 900,000 to 1.8 MMT of corn bookings, with an additional 0 – 100k MT of new crop sales. From the week ending 03/20, ethanol production averaged 1.05 million bpd, which was 30,000 barrels per day below the week prior. In the last 3 weeks production has dropped off 74,000 barrels per day. Over the same time ethanol stocks have declined 840,000 barrels, including 458,000 barrels from the week ending 03/20.




SRW futures were up the most with 10 to 18 1/2 cent gains in the front months. HRW futures ended 8 to 10 1/4 cents higher. HRS futures closed with gains of 2 1/2 to 3 1/2 cents. Traders anticipate wheat bookings from the week ending 03/19 to range from 200,000 MT to 500,000 MT. Traders also expect the new crop sales to come in at 150,000 to 450,000 MT. Trade estimates for March 1 wheat stocks appear to be clustering around 1.4 to 1.5 billion bushels. That would be down from 1.59 billion last year. All wheat acreage is seen at 44-45 million.




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