3/13/2017 7:32:35 AM
- FOMC meeting on Wednesday, where an increase in the interest rate is almost certain.
- All eyes on Washington this week as the Trump administration will be delivering its budget outline and its plans to replace the Affordable Care Act.
- March ’17 futures go off the board tomorrow after the close.
- Commitments of Traders: Corn 65,421, Soybeans 103,582, Soymeal 57,434, Soyoil 15,882, and Wheat -86,940.
- CHS Hedging has two upcoming energy hedging classes: March 16th in Colby, KS, and March 22nd in Champaign, IL. It is not too late to be signed up. You can register for both classes at www.chshedging.com.
- Northwest Brazil is calling for more rain in the 1-5 day forecasts, helping improve moisture for the safrinha corn crop.
- Chinese bird flu outbreak has caused 161 fatalities since October, the most since 2009 where 654 fatalities occurred.
- Japanese corn buyers are returning to the US market after short hiatus due to shipping delays out of the PNW.
- Spreads: H/K 6.25¢ carry, K/N 7.75¢ carry and N/Z 14.75¢ carry.
Outlook: Choppy trade as the soybean market continues to dictate the row crops.
- Argentina is calling for dryer conditions in the 6-10 day forecast, helping push the soybean crop into its final stages of maturity.
- Chinese soybean production is expected to rise from 11.79 mmt to 13.2 mmt for the 16/17 growing year. China hopes to become more self-sufficient in the coming years by increasing soybean production.
- Malaysian palm oil is down 48 ringgits at 2,723 for May.
- Spreads: H/K 8.5¢ carry, K/N 9.75¢ carry and N/X 15.5¢ inverse.
Outlook: Lower today as South American weather continues to be favorable for the crops.
- China’s wheat imports are expected to rise from 3.48 mmt to 4.5 mmt. Domestic wheat has been lower quality and would considered more of a feed grade.
- Moisture shortages across the US Plains continue to grow, as there has been a lack of rain and unseasonably warm temperatures this winter.
- Jordan is seeking 100 tmt of for shipment in September/October.
- Saudi Arabia has purchased 735 tmt of hard wheat in an international tender.
- Spreads: Mpls K/N 7.5¢ carry, Kansas City K/N 12¢ carry and Chicago K/N 15.75¢ carry.
Outlook: Lower on large global supplies and a strong US dollar.