3/3/2017 7:10:41 AM
- Rains in Argentina and Brazil yesterday. Continued moisture called for today in Argentina with Brazil trending wetter into next week.
- Today is the last trading day for March live cattle options.
- CHS Hedging has two upcoming energy hedging classes: March 16th in Colby, KS, and March 22nd in Champaign, IL. You can register for both classes at www.chshedging.com.
- There were 118 corn deliveries announced.
- The Buenos Aires Grain Exchange (BAGE) left their estimate for Argentine corn production unchanged at 37MMT. Yields are coming in better than expected as harvest starts in Entre Rios, Santa Fe, and Corrientes.
- Russia harvested a record 15.3MMT of corn in 2016/17, up 16% YOY, says their Federal Statistics Service. Private analysts had pegged production closer to 14MMT.
- Brazil’s Secretariat of Foreign Commerce (Secex) says that they exported ~4.88MMT of corn in February, down almost 0.5MMT from last February.
- Spreads: H/K 6.25¢ carry, K/N 6.75¢ carry and N/Z 12¢ carry.
Outlook: Choppy/higher trade following soybean’s lead.
- The BAGE left their Argentine soybean production estimate unchanged at 54.8MMT. Recent rains have improved soil moisture with only a few areas reporting a little too much rain.
- Deliveries for the soy complex are as follows: 253 soymeal, 489 soyoil, and 568 soybeans.
- Brazil’s Agriculture Ministry says that they will have cleared the long line of trucks in Para by the end of today.
- Brazil’s Secex estimated that they exported ~3.5MMT of soybeans in February, up 72% or ~2MMT YOY.
- Spreads: H/K 10.5¢ carry, K/N 8.5¢ carry and N/X 25.5¢ inverse.
Outlook: Higher on Brazil’s trouble loading beans out of their Northern port.
- FranceAgriMer reports that French soft wheat conditions are unchanged from last week at 93% good/very good. Durum wheat is rated 82% good/very good, down 3 points.
- There were 518 Chicago wheat deliveries. Kansas City had 3. There were no Minneapolis deliveries.
- AHDB says that winter wheat in the United Kingdom is in good condition as of the end of February and development is in similar stages as previous years.
- Spreads: Mpls H/K 12.75¢ carry, Kansas City H/K 10¢ carry and Chicago H/K 20.25¢ carry.
Outlook: Lower on large world supplies and quiet forecasts for growing areas.