Closing Markets: Corn -1Beans +4.  Wheat -1.
 
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Market Recap:
 
Corn futures closed mixed with the nearby weaker and the 2021 contracts steady to higher. Today marked the usually highly anticipated acreage report, but it seemed to get a little lost in all the concerns around the virus and its impact on demand. Corn acreage today was estimated at 96.99 million, some 2.7 million acres above the average estimate. It also came in about ½ million acres above the highest individual estimate. All wheat acres were estimated at 44.65 million, just slightly below what the trade was looking for. Total planted acres of the principal crops came in at 319.1 million acres, on par with 2018 numbers. While the corn acres number was much bigger than expected, the market reaction was somewhat muted. A lower than expected March 1st corn stocks number of 7.953 billion bu. (8.162 billion bu. expected) provided some underlying support, but the fact that the corn market was beat up going into today’s numbers probably contributed more than anything to the muted reaction. The nearby months of May and July were able to hold its recent lows, while Sept. and Dec. made new contract lows today. Slowing ethanol demand continues to keep a lid on corn prices. Crude oil was able to squeak out a small gain today. The weekly ethanol production report will be out tomorrow with lower corn usage amounts expected. North Dakota was estimated at 75% harvested versus 61% last month. Texas is 50% planted with Louisiana at 61% and Mississippi at 8% done.
 
Soybeans closed 2 to 3 cents higher today as the acreage report for beans was supportive. Soybean acres were estimated at 83.51 million, versus pre-report estimates of 84.69 million. The higher than expected corn acres meant that bean acres would have to be adjusted as well. The market reaction was subdued after more and more talk that corn acres may be too high due to the demand outlook change since the numbers were put together at the first of the month. Bean quarterly stocks came in near 2.253 billion bu., just slightly above trade estimates of 2.237 billion bu. With export demand expected to rebound again next marketing year due to the Phase 1 trade deal and crush a strong outlet for beans, the lower than expected bean acres today makes the bean balance sheet look less burdensome than the last couple of years. Cash and board crush margins continue to be supportive for near term bean demand. Concerns about grain movement disruptions in Argentina are also friendly for soybean meal and beans as Argentina is the #1 exporter of meal and the #3 exporter of beans.
 
 
Funds Daily
C -164,000 (-); S -10,000 (-); W +13,000 (-); SM +17,000 (-); BO -8,000 (-)    
 
 
 
 
 
 
Have a great evening!!!!
 
Chelsey White
Emery Branch Manager/Originator || Topflight Grain Coop
593 Emery Rd.
Maroa, Il 61756
217-794-2240
E-Mail: cwhite@topflightgrain.com
 
This material should be construed as market commentary, merely observing economic, political and/or market conditions, and not intended to refer to any particular 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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