Profit Taking Seen In Soybeans
Mar 27, 2014
Good Morning! Paul Georgy with early morning comments for March 27, 2014 at 4:35 am.
Grain futures are lower on profit taking ahead of major reports to be released over the next few days.
Attend the Monthly Allendale Ag Leaders Webinar this evening at 7:00 pm as we will discuss the upcoming USDA Prospective Plantings and Grain Stocks Report with a USDA representative. (Register Here)
Weather has become a big concern to traders as we approach planting season in the Midwest.
Ryan Martin, Allendale’s Meteorologist and Branch Manager says, "The focus now shifts to moisture and away from cold air, as the pattern should show moderation of temperatures through the next week." You can read the full comments by clicking here.
The weekly export sales data will be out at 7:30 AM. Reuter’s survey of traders is as follows:
Trade estimates Trade estimates
for 2013/14 for 2014/15
Wheat 325,000-475,000 50,000-250,000
Corn 525,000-725,000 0-200,000
Soybeans 100,000-250,000 300,000-500,000
Soymeal 100,000-200,000 100,000-200,000
Soyoil 0-50,000 0-10,000
USDA attaché in Brazil is estimating the Brazilian corn crop for 2013/14 at 72 mmt versus last USDA estimate of 70 mmt.
Talk is now circulating that the cargoes of soybeans recently cancelled by China are less than expected last week. Maybe we will get a confirmation soon.
Livestock traders are adjusting positions ahead of the Quarterly Hog and Pigs Report tomorrow afternoon. The USDA should provide some indication of the impact of PEDv on this report. High volatility is expected going into this report. The pork cutout value is up .52.
Firmer cash cattle prices this week have futures traders buying the discount with April contract $6.00 to $7.00 under cash. Beef cutout values are mixed with choice up .51 and select down 1.14. The CME Feeder Index is 177.18.
Markets as of 4:35 AM
- May Corn -1 1/4
- May Beans -4 1/4
- May Wheat -4
- Apr Cattle -.02
- Apr Hogs +.80
- Jun Dlr +.09
- Jun S&P +4.50
- May Crude -.09
- Apr Gold -7.70
Chart of the Day
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