Quiet markets to open the day with corn up 1 and soybeans down 2. Yesterday’s weekly ethanol report had production down 1000 bpd to 1.0 million as stocks jumped 681,000 barrels to 24.41 million barrels. Tjhis morning export sales for the week ending 3/14 came in at 33.7 million bushel for corn and 14.7 million bushel for soybeans. Corn is slightly below the ten week average of 37.4 while soybeans are significantly below the ten week average of 41.7.
President Trump said on Wednesday afternoon that tariffs on Chinese goods may be kept in place even if a trade deal is consummated to make sure China is living up to the deal. (looks like things are really going well)
The funds remain significantly short corn beans and wheat with nothing fundamental to move them out of these positions. We have been hearing for months that there “has to be a rally”, but it is becoming more and more obvious that this may not happen.
Have a Safe Day!