Markets are quiet this morning with corn down 1 and soybeans up 1.
The announcement yesterday that OPEC would cut production put a reversal in for crude oil. This also sparked a rally in bean oil, pulling beans and meal higher with it. Corn and wheat stayed down as the December roll and first notice day is Wednesday. Even with the selling, corn futures have been largely unaffected in price. Dec corn futures have been trading between 6.50 to 6.70 for the past two weeks. We could see a bounce in the corn and wheat markets after first notice day, but I don’t expect much at this point.
Private analysts AgRural reported ‘22/23 Brazilian soy planting at 87% complete, slightly behind last year with center-west dryness hampering fieldwork. Summer corn planting reached 88%, down from 93% at this point last season.
US Crop progress report was delayed until this afternoon due to technical issues at the agency. This will be the last progress report until they resume in early April.
Have a Safe Day!