Markets are quiet this morning as traders prepare for the USDA’s quarterly stocks and planting intentions report that will be released at 11am today. Estimates for today’s report are listed below.
Quarterly Stocks (billion bushels)
March 2019 Average Estimate March 2018
Corn 8.335 8.892
Soybeans 2.683 2.109
Wheat 1.555 1.495
US planting Intentions (million acres)
USDA March 2019 Average Estimate USDA 2018 Final
Corn 91.332 89.129
Soybeans 86.169 89.196
Wheat 46.915 47.800
Brazil’s weather forecast has overall drying during the next two weeks in central and southern Brazil and Paraguay as rains will be concentrated in northern Brazil and further relief from dryness will occur in northeastern Brazil. Argentina’s weather forecast has good harvest conditions during the next ten days. Argentina’s corn harvest is running behind last year, but fight on pace with the three year average.
The funds continue to defend their near record short position as they are short 270,000 corn, 65,000 soybean and 76,000 wheat contracts heading into today’s reports.
While I do not expect any dramatic moves in the markets following todays report, these are typically the days that offer the best opportunity to capture a short move higher in the markets. Make sure you have firm offers in with your local grain buyer prior to the 11am report.
Have a Safe Day!