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Friday, March 15, 2024 MARKET SUMMARY: Another mixed night of trade at the CBOT to end the week. Spot soybeans again touched $12 overnight, but this seems to be heady resistance for now until more is confirmed regarding South America's crop or US planting intentions. Some private groups see less of a switch to soy from corn vs last year, which could be supportive to soybeans going into April. Products are lower, soybean meal is down around $1/ton, and soybean oil is down 40-50 points. Outside markets are mixed, crude oil futures are 40-50 cents lower, the Dow Jones index is up 50 points, and the US$ index is down 5 points. Crude Oil is down $0.46 at $80.80. U.S. Dollar is +0.1% at $103.385.Global Equities: Japan +0.4%, China -1.4%, and Europe +0.5%.Dow futures is up 81 points at 38,994.EU MATIF Exchange: Corn +0.6%, and Wheat +0.6%. WEATHER:
- Rainfall reports of 0.75-2" were seen across the Midwest in the last 24 hours, with the Northern and Eastern areas of the corn belt receiving the best amounts. Temps are still expected to cool into next week.
- An incredibly mild and dry finish to winter has facilitated the spreading of drought across the Midwestern United States just weeks before the start of spring crop planting. That marks the fourth consecutive year of heightened dryness in the U.S. Corn Belt at this time of year, a pattern that has preceded various crop outcomes. Planting is quick when soils are dry in the spring and moisture delays are minimal, and acreage expansion can sometimes result. Spring dryness increases emphasis on summer rains, which have been ample in recent years that featured a transition from El Nino to La Nina by mid-year, as is predicted for 2024. But temperatures are less of a guarantee.
OTHER HEADLINES:
- Overnight, leaders of the Hamas militant group have proposed a new comprehensive ceasefire plan to mediators and the US. Israeli Prime Minister Netanyahu remarked that Hamas was still making unrealistic demands, but that Israel's War Cabinet would further discuss the matter.
- Financial markets will see little in the way of market making data between now and next week's Fed Meeting on March 19/20, where all eyes/ears will be on the tone toward coming rate decreases.
- Barge shipments down the Mississippi River increased to 593k tons in the week ending March 9th, up from 429k tons the previous week. Corn shipments were up 78.2% from the week prior, while soybean shipments were up just 5.6%.
- Brazil is interested in exporting soy, corn, and other products through Peru's China-controlled Chancay port, Peruvian Economy Minister Jose Arista said on Thursday, according to state news agency Andina. Brazilian Planning Minister Simone Tebet visited the port, still under construction, earlier this week and spoke with Arista about the possibility of using it as an export route, Andina reported. It would offer Brazilian exporters the opportunity to send goods by truck to the Peruvian port for shipping to Asia via the Pacific Ocean, cutting the transit time by about two weeks.
- The percentage of Argentine soybean plantings with optimal-to-excellent soil moisture grew to 77% in the last week, boosted by recent rains, the Buenos Aires Grains Exchange said on Thursday. Argentina is one of the world's top exporters of processed soybeans, and the exchange estimates the 2023/24 harvest at 52.5 million metric tons. In the nation's main growing region, "nine out of every 10 hectares are in normal-to-excellent crop condition," according to the exchange. It added that 69% of the late-planted soy crop had adequate moisture conditions while it was in a key development stage.
EXPORT NEWS: - Private exporters reported sales of 125,000 metric tons of corn for delivery to unknown destinations during the 2023/2024 marketing year.
Have a wonderful day!!!! Chelsey WhiteEmery Manager & Originator:: Topflight Grain Cooperative, Inc.593 Emery Rd :: Maroa, IL 61756 Phone:: 217-794-2240E-Mail:: cwhite@tfgrain.comWeb:: www.topflightgrain.comThis material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any trading strategy, promotional element or quality of service provided by Topflight Grain Cooperative, Inc. Topflight Grain is not responsible for any redistribution of this material by third parties, or any trading decisions taken by persons not intended to view this material. Information contained herein was obtained from sources believed to be reliable but is not guaranteed as to its accuracy. Contact Topflight Grains designated personnel for specific trading advice to meet your trading preferences. These materials represent the opinions and viewpoints of the author, and do not necessarily reflect the viewpoints and trading strategies employed by Topflight Grain Cooperative, Inc.
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