Soybeans down ahead of USDA reports. Thursday, March 28, 2024
Wheat
Market & Price Trends
Published Mar 29, 2024
Tridge summary
In the commodity market, May corn has seen a slight increase, while May soybeans have experienced a drop, and CBOT wheat prices remain unchanged. The market is eagerly awaiting the USDA's quarterly grain stocks report and the producer planting intentions survey, which are expected to significantly impact market dynamics. The grain stocks report is likely to indicate an increase in supplies of major grains and oilseeds as of March 1. Meanwhile, the planting intentions survey could show a shift in acreage from corn and wheat to soybeans, cotton, and rice. The USDA's weekly Export Sales report revealed that corn sales met expectations, soybean sales were below expectations, and wheat sales surpassed expectations. In the livestock sector, live cattle prices have gone up, feeder cattle prices have dropped, and lean hogs have experienced a slight increase. Additionally, crude oil prices are on the rise, with minimal movement observed in the S&P 500 and Dow futures.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
May corn is up 1¾¢ this morning. May soybeans are down 7½¢. CBOT wheat is flat. KC wheat is up less than a penny. Minneapolis wheat is down a penny. “Today’s commodity focus is on a set of reports due to be released from USDA,” says Arlan Suderman, chief commodities economist with StoneX. “The first of these is the quarterly grain stocks report at 11 a.m. Chicago time, in which USDA provides a snapshot look at available stocks of the major grain and oilseeds existing as of March 1. This data is expected to show a healthy growth of supplies over the past year for corn, soybeans, and wheat. “Simultaneously, USDA is expected to release the results of its producer planting intentions survey for the upcoming growing season. That report is expected to show a modest shift in acreage away from corn and wheat toward soybeans, cotton, and rice. Both of these reports are known for their market moving surprises, and the direction of the surprises often defy logic in the stocks report.” ...
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