Corn futures are steady to higher to start the week, following last week’s strong finish.
Stronger-than-expected export and ethanol demand now halfway through the marketing year makes a slight reduction in U.S. corn carryout in tomorrow’s USDA WASDE report likely.
Managed money cut its net long position in CBOT corn futures and options by 118,000 contracts through March 4 — the second-largest weekly selloff on record — bringing the net long to approximately 220,000 contracts
Soybeans start the week lower as uncertainty around U.S. soybean demand persists.
Tomorrow’s USDA WASDE report is expected to show U.S. carryout steady to higher compared to last month. While crush demand remains strong, export demand has slowed in recent weeks.
The IMEA reported that soybean harvest in Mato Grosso was over 91% complete as of late last week. Brazilian soybean for export are about 40 cents per bushel cheaper than U.S. soybeans for export.
Wheat futures are leading the market higher to start the week, aiming for a third higher close in the last four sessions.
Much of the U.S. winter wheat crop is expected to green up this week, with above-normal temperatures in the forecast.
According to Thursday’s drought monitor, 24% of U.S. winter wheat areas are experiencing some level of drought, up from 14% a year ago.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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