Good morning,
Corn is down 1 and soybeans are down 6 to start the week.
Friday afternoon’s CFTC report showed the funds short 254,319 corn and 144,618 soybean contracts.
This morning Ukraine’s Ag Ministry estimated 2024 corn planted area at 3.863 million hectares (9.55 mln acres) in their first official forecast, down 4.5% from 4.043 million hectares (10.0 mln ac) last season. Meanwhile, the Ag Ministry reported grain exports at 2.8 MMT so far in March, down from 3.5 MMT from March 1-20 last year; cumulative grain exports since July 1 stand at 32.4 MMT, down from 35.8 MMT last season.
After a firm opening last evening, the corn and bean complex have weakened. With the key March 28th report just 8 trading sessions away, producers need to put themselves in a more manageable position before the report. This is especially true for old crop, but “some” new crop sales should also be implemented. In my opinion any acreage number north of 90 million acres is going to result in lower trade. Current old crop prices in the $4.15-$4.30 range are great and should be captured. New crop prices in the $4.40-4.50 range are available and small sales should be made there as well.
Have a Safe Day!
Garry Gard
920-348-6844
