CBOT Mar 24
Last changes
SMK 275.3 +4.4
SMN 277.8 +4.2
SMQ 278.9 +4.2
SMU 280 +4.2
SMV 280.9 +4.5
SMZ 282.8 +4.4
SMF7 283.7 +4.4
SK 910.5 +5.25
SN 917.75 +5.5
SQ 920 +5.75
SU 919.5 +5.5
SX 922.75 +5.5
SF7 926.5 +5.5
BOK 33.18 -0.18
BON 33.41 -0.18
BOQ 33.51 -0.17
CK 370.00 +1.5
CN 374.50 +1.25
WK 463.00 +0
WN 470.75 +0
Soybean trade is higher with buying returning during the day session as we continue to consolidate trade above $9.00. Meal is higher and oil is lower. South American harvest should continue to move along this week, running just ahead of normal pace with more variable yields in recent days. Shipping delays and political concerns will remain ongoing with improved weather potentially bolstering the shipping pace. The oil side of the complex continues to drive crush margins in the near term, although it has backed off in the last few days. Export sales were mixed with 410,800 metric tons of beans, 468,700 of meal, and 24,400 of oil. May beans have held above the 200-day moving average at $9.04. On the May soybean chart further support is the 10-day moving average at $8.98 with resistance at the high for the move at $9.12.
Corn trade higher with trade continuing to grind along in the recent range. Ethanol margins are seeing further pressure from the slide in the energy values taking away the small premium that unleaded gas built into ethanol with ethanol futures edging higher again today. The blizzard working through much of the corn belt will limit early fieldwork going into the weekend. The South American corn crop continues to make good progress with limited weather concerns. The weekly export sales are were ok at 803,200 metric tons of old crop, and 99,900 of new crop. The USDA also announced 260,000 metric tons of old crop sold to Taiwan. Trade will be closed Friday for Good Friday.
Wheat trade is lower across the three contracts with spillover selling pressure from the row crops along with the firmer dollar. Plains weather remains concerning in the near term with dry weather and further cold snaps possible into early April. World supplies remain ample which will limit potential rallies until more export business returns to the U.S., with the stronger dollar again eroding U.S. export competitiveness. Export sales
showed some improvement at 368.900 metric tons of old crop, and 118,800 of new.
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