Corn steady to down 1
Beans down 2 – 4
Friday, the March corn contract closed 2 1/4 lower settling at $3.74 1/4, and the July contract was also 2 1/4 lower, closing at $3.90. For the week, March corn closed 4 lower, and July closed 4 3/4 lower. Friday’s report came out bearish to corn, as the USDA reduced usage for feed by 125 million bushels and ethanol by 25 million bushels, offsetting the reduction in yield. World stocks also came in almost 3 MMT above the last USDA estimate, adding to the bear’s story. Friday, the March soybean contract closed 1 1/4 higher settling at $9.14 1/2, and July was 1 1/4 higher, at $9.42 1/4. For the week, March closed 3 1/4 lower, and July closed 2 cents lower. Beans settled higher on Friday after the USDA report was slightly supportive with a declining carryout, but in the end, 910 million bushels is still huge. The USDA increased its estimate of crush and lowered its export estimates by only 25 million bushels, which is a little surprising given how far behind we are on exports, and South America’s bean crop is coming available. With the report out of the way, bulls in corn and beans are now going to turn their attention to Chinese trade negotiations and South American weather. There are rumors this morning that a deal is close to being finalized with China, but we’ve heard that before.
Averaging Contract sign-up is available until March 1. This is a great opportunity to kick-start your new crop corn and beans sale, call for more information (877)-778-2226.
Outside markets: March oil and gas closed higher, and the dollar rose to a one month high.
Registration is available for Ventures, link below with information and registration.