Corn is trading higher this morning as prices try to battle back after a poor start to the week. Export sales reported yesterday for corn were near the lower end of expectations, but export shipments posted a new marketing-year high.
US corn exports in February were strong at 211 million bushels, up 64% from last February and 14% above the 5-year average.
Extended outlooks into late April appear promising for US corn planting to make strong early progress after the last few weeks of wet weather.
Soybeans are trading slightly higher this morning along with the rest of the grain complex as prices try to build some strength into the end of the week.
Palm oil futures retreated Friday on suspected profit-taking after trading to new contract highs earlier this week.
Soybean harvest is just underway in Argentina but showers this weekend and into next week will likely hinder early harvest progress but help to finish late maturing crops.
All three wheat classes are higher this morning with front month Chicago wheat testing the 50-day moving average. Front Month Continuous Chicago wheat has not closed above the 50-day since late January.
After a dry March, temperatures will continue to be very warm across much of the Black Sea region into mid-April, this will have a negative effect on winter crop development.
Ukraine fired more than 40 drones into Russia’s bordering Rostov region according to a Moscow defense official on Friday. The attack appears to be one of the biggest air offensives of the war and reportedly damaged a power substation.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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