CBOT Mar 31
Last changes
SMK 270.3 -1.6
SMN 273.1 -1.5
SMQ 274.4 -1.5
SMU 275.6 -1.4
SMV 276.6 -1.4
SMZ 278.8 -1.2
SMF7 279.6 -1.2
SK 910.75 +1.75
SN 917.75 +1.5
SQ 920.5 +2
SU 920.75 +1.75
SX 924.75 +1.75
SF7 928.5 +2
BOK 34.22 +0.43
BON 34.44 +0.43
BOQ 34.53 +0.43
CK 351.50 -15.5
CN 355.75 -15.75
WK 473.50 +9.5
WN 480.75 +9.25
At 11:00 the report was released:
Corn: 93.6 mil acres vs. average est at 89.9
Soybeans: 82.2 mil acres vs. average est at 83.05
All Wheat: 49.6 mil acres vs. average est at 51.702
Stocks Mar 1
Corn 7.808 vs. average est at 7.801
Soybeans: 1.531 vs. average est at 1.556
Wheat: 1.372 vs. average est at 1.356
Shocker: higher corn acres, much over the higher end of market expectations. The acreage was price negative for corn futures which quickly posted new contract lows. Wheat acreage was under expectations with beans more neutral. More of the volume was in the grain trade as corn prices worked lower.
SOY
Bean, meal, and soyoil prices opened on a steady note and stayed positive into the 11:00 hour, even as grains traded lower on the day. The report was neutral to bearish for beans, sending prices for the May contract briefly below the $9.00 level. May soyoil prices traded up to new highs on the numbers at 3437 reinforcing the trend higher. Oilshare gained as well with July values up to new highs at .3865% as meal prices traded down $1.80 by comparison. After the report soybeans stayed fairly resilient in terms of price action, with soyoil futures staying the uptrend course in style, rewarding the soyoil long. May meal fell to key support at 268.00 but did not dip underneath.
Corn and wheat prices were lower on the day awaiting the outcome of the report. The corn acres were well over the highest end of expectations. With futures leaning lower before the report, the reaction after the report was a crack in price action to new contract lows for corn. Wheat prices also collapsed, though the acreage was much more friendly for wheat moving forward. Within a small window of time, wheat futures were higher as traders covered in small short positions. Traders were also buying wheat / sell corn unwinding previous spreads, with values moving from 95c up to 1.17c. . Traders seemed to be shell-shocked by the large corn acreage number, but after the first 45 minutes selling interest seemed to pick up as we hit more new contract lows.
Fund recap
bot 3000 wheat
sold 25,000 corn
bot 2000 soyoil
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