CBOT Mar 16
Last changes
SMK 267.7 -0.5
SMN 270.4 -0.6
SMQ 271.5 -0.7
SMU 272.6 -0.6
SMV 273.1 -0.5
SMZ 274.7 -0.5
SMF7 275.8 -0.4
SK 894.5 +2.5
SN 900.25 +2.5
SQ 902.25 +2.25
SU 902.25 +2.5
SX 905 +2.25
SF7 909.25 +2.25
BOK 32.69 +0.2
BON 32.92 +0.2
BOQ 33.00 +0.21
CK 368.25 -0.25
CN 373.25 -0.25
WK 470.75 -6.5
WN 478.25 -6.25
Corn trade lower in quiet trade with prices holding above the 50-day moving average. Ethanol margins remain tight to negative but a stronger energy complex this morning could be a sign of improving margins. The weekly ethanol production report showed 2.15% increase in production, stocks were 1.95% lower, with gasoline demand 0.05% higher. This has led to slightly higher ethanol futures trade at midday. Heavy rains in the Mississippi Delta are slowing planting progress with more rain showing in the extended forecasts. The large short position could help fuel a bigger move on strength.
Wheat trade is lower across the three contracts. The Southern Plains look to stay dry in the near term, along with colder temperatures this weekend potentially dinging the crop a bit. Egypt devalued its currency, which will make further wheat imports more expensive. If the FED raises U.S. interest rates today, the dollar will likely continue to build strength at the expense of U.S. exports, which could be the main driver of trade late in the day.
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