Afternoon Market Highlights
3/12/2019 3:40:00 PM
The Ag market space drew support from fund short covering and technical buying. Hearing that the EPA is set to go ahead with their E15 ruling, which would allow E15 gasoline to be sold during the summertime. Recent studies suggest there is very little difference between the current E10 gasoline and the proposed E15 gasoline.
- The energy markets are mixed with crude oil trading just above $57/barrel.
- The US$ is weaker, just shy of 97 points, gold is up over $10 at $1,302/ounce.
- Wall Street is missed with the DJIA down 84 at 25569 and the S&P up 10 at 2794.
The corn market traded higher on spillover strength form the wheat market. Prices drew additional support from ideas of delayed corn plantings this year from the snow and rain.
- Closes: May at $3.65 ½, up 3 ½ cents, July at $3.75 ¼, up 3 ¾ cents and December at $3.91, up 4 ½ cents.
- IEG Vantage estimated the 2019/20 US corn acres at 91.771 million, up from 91.591 million previously.
The soybean market traded higher on ideas of being oversold, and a lower acreage number for this year. Gains were limited on uncertainty over the fate of the US/Chinese trade war situation.
- Closes: May at $8.96 ¾, up 6 ¾ cents, July at $9.10 ½, up 6 ½ cents and November at $9.31 ¾, up 6 ¼ cents.
- IEG Vantage estimated the 2019/20 US soybean acres at 85.494, down from their previous estimate at 86.044 million acres.
The wheat market tore higher on technicals and short covering in Chicago, after making recent contract lows over the past few days. Prices drew additional support as bargain hunters emerged, taking advantage of the lower board prices. KC and Mpls followed Chicago to higher levels.