Soybeans Coming Into US?
Mar 17, 2014
Good Morning! Paul Georgy with early morning comments for March 17, 2014 at 4:40 am.
Grain futures are lower. Wheat is getting support from increased tension in the Crimea region. Corn and Soybeans are under pressure on talk of China reducing state own reserves.
Traders and analysts will be fine tuning their estimates for the USDA Quarterly Stocks and Prospective Plantings reports which will be released on March 31.
Corn planting is underway in LA. We also received a report that there was AgriGold Seed corn being planted in Arkansas.
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There is talk of 2 to 3 cargoes of Brazilian soybeans being diverted to Eastern US ports.
NOPA will give us their February crush data at 11:00 this morning. Trade average estimate is 140.9 million bushel.
The CFTC Commitment of Traders report showed Managed Money Funds increasing long positions in corn by 51,439 to be net long 209,561 contracts. In soybeans they reduced net long positions by 15,845 and in wheat they added 16,555 long positions to now be net long 10,515 contracts.
A group of Senators are urging the CFTC to finalize the new position limits rule. The lawmakers wrote ""The speculation rule has been held up over the last several years, which has allowed speculators to continue driving up the price or increasing the price volatility of these important commodities."
Outside markets will be watching for a change in policy when the FOMC releases the minutes of this month’s meeting on Wednesday.
Smithfield suspended slaughter on Friday at one of their North Carolina plants due to tight supply of hogs. Pork cutout values were up 3.28 on Friday.
Cattle on Feed and Cold Storage reports will be released on Friday at 2:00 pm. Cash cattle traded steady to higher last week. Beef values were lower with choice down .86 and select down .37. The CME feeder index is 173.88. Livestock futures could open steady to lower on some early week profit taking.
Markets as of 4:40 AM
- May Corn -7 1/4
- May Beans -7 1/2
- May Wheat -2 1/4
- Apr Cattle Steady-Lower
- Apr Hogs Steady-lower
- Mar Dlr +.02
- Mar S&P +10.00
- Apr Crude -.11
- Apr Gold +.00
Chart of the Day
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