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Good morning,

Markets are falling again this morning with corn down 5 and soybeans down 11.

Rains arriving in Argentina and chart-based selling by AI trading have markets weaker.  Corn was weak all day yesterday and has made a new low this morning. Argentine rains fell center-south yesterday, and light rains are on tap there again today, with heavier and more widespread action ahead tomorrow through Sunday as temperatures trend cooler through the weekend as well. 6–10-day maps push out rain chances to the far west and north. Scattered rains again fell throughout center-north Brazil over the past 24 hours, also increasing in scope and amounts through the weekend, with rain chances moving out here as well to the west and south during the 6–10-day time frame.

The Funds are short 283,000 corn, short 111,000 beans, short 18,000 meal, short 54,000 beans oil, and short 75,000 wheat.

Beans have dropped through 12 dollars again.  The USDA report is out tomorrow, but most believe that reports will be bearish corn and beans.  The market is breaking ahead of it, kind of like the last report. Tomorrow’s estimates are listed below.

USDA 2023/24 US Carryout (Billion Bu)

USDA Feb Average Trade Est. USDA Jan
Corn 2.146 2.162
Soybeans .284 .280
Wheat .647 .648

 

USDA 2023/24 World Carryout (Million Tonnes)

USDA Feb Average Trade Est. USDA Jan
Corn 324.02 325.22
Soybeans 112.48 114.60
Wheat 260.48 260.03

 

USDA 2023/24 South American Production (Million Tonnes)

USDA Feb Average Trade Est. USDA Jan
ARG Corn 55.59 55.00
ARG Soybeans 50.84 50.00
Brazil Corn 124.32 127.00
Brazil Soybeans 153.15 157.00

 

 

Have a Safe Day!

 

Garry Gard

920-348-6844

ggard@didioninc.com