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COMMODITY MARKET MOVEMENT ON CBOT – MAR 27, 2020.

Admin - 30/03/2020

 

Weather : The central U.S. could see plenty of wet weather in the next three days, per the latest 72-hour cumulative precipitation map from NOAA. Broad portions of the Corn Belt could see another 1” to 2” of additional rainfall through Monday. Further out, the agency expects to see cooler-than-normal conditions developing east of the Mississippi River between April 3 and 9, with mostly drier-than-normal weather likely during this time.

General : Grain futures were narrowly mixed Friday amid some uneven technical maneuvering. Wheat prices trended higher on Russia’s call for export quotas, while some news out of Argentina kept soybean prices slightly firm today. Corn, meantime, continues to battle worries over large expected U.S. acres this season and lower ethanol demand, which triggered more technical selling. South Korea issued an international tender to purchase 2.2 million bushels of corn from optional origins that closes later today. The grain is for arrival in July.

 

SOYBEAN

 

May beans were 19 cents higher Friday to Friday. Soybean meal futures closed the week $2.10/ ton lower, but posted a Friday gain of 20 cents/ton for May contracts. May bean oil futures closed with a 35 point gain, which added to the 121 point gain wk/wk. Private exporters reported a large export sale of 163,290 MT of soybeans to Mexico with a 19/20 MY delivery. In the weekly update from the CFTC, soybean spec traders were 2,444 contracts net short on 03/24. That is less short by 28,202 contracts wk/wk, from short covering. Soybean meal spec trading also saw short covering and was 22,999 contracts more net long.

 

CORN

 

Private exporters reported an export sale of 114,048 MT of corn to unknown under the USDA daily system, for 2019/20 MY delivery. On March 24 managed money funds were net short 108,549 contracts for corn. That was their largest net short in 15 weeks, and came about mostly via long liquidation.

 

WHEAT

 

Friday CBOT wheat was 2 1/4 cent higher in May; up 32 cents on the week. HRW futures were down a half penny, but closed 19 3/4 cents higher wk/wk. May MPLS wheat gained 5 3/4 cents on the last trade day of the week, securing a weekly gain of 19 cents/bu. The CoT report with data from March 24 showed that in a bout of short covering, CBOT spec traders were back to net long. Managed money OI in CBOT wheat was down 116,191 contracts over the last 5 weeks.

 

PRICE MOVEMENT ON CBOT MAR 27


 
 

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