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The Grain Hedge Team provides a macro-focused daily view of the world’s grain markets. Kevin McNew received a bachelor’s degree from Oklahoma State University and his master’s and Ph.D. degrees in Economics from North Carolina State University. He spent 10 years as a Professor of Economics with the University of Maryland and Montana State University focusing on commodity markets and is widely regarded for his ability to boil-down complex economic situations into easy-to-understand concepts for applied life.
In the overnight session the grains traded higher with March corn up 1 cent, March soybeans up 4 ¾ cents and March Hard Winter Wheat up 3 ¾ cents on talks of dryness in Buenos Aires and fiercely cold temperatures combined with minimal snow cover threatening Winter Wheat conditions in the plains.
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Buenos Aires received very little moisture over the weekend and is expected to remain dry throughout this week. Temperatures in the region could climb to 100 degrees Fahrenheit throughout the week which will continue to dry the topsoil and evaporate any minor precipitation expected this week. According to the latest Weekly Agricultural Report released by the Buenos Aires Grain Exchange, soybeans are 81.9 percent planted and corn is 70.2 percent planted.
Weekly corn export inspections were 683,898 metric tons which were in line with trade expectations. Soybean also met analyst expectations with 1.139 million metric tons inspected for export. Wheat inspections missed analyst estimates with only 274,506 metric tons inspected compared to 300,000 to 600,000 metric tons expected this week.
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