Ahead of the USDA's 2024 estimates for American surface area and quarterly U.S. stocks reports for wheat, corn, and soybeans as of March 1, which are anticipated to reveal significant year-over-year increases, corn and soybean prices faced downward pressure in Chicago. The market's cautious approach was further influenced by the upcoming Easter holiday closure and an uptick in U.S. ethanol stocks and production. While May 2024 SRW wheat prices saw an increase, futures for corn and soybeans for the same period registered declines.
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
Corn and soybean prices remained under pressure this Wednesday evening in Chicago, on the eve of two highly anticipated reports from the USDA. Many operators have in fact reduced their exposure before the 2024 American surface area estimates which risk increasing market volatility in the coming sessions. The closure of Chicago this Friday for the Easter holidays also encourages a little more caution. Traders will also keep a close eye on quarterly U.S. stocks of wheat, corn and soybeans as of March 1, all three expected to be up significantly from last year. Also note, ethanol stocks increased by another 100,000 barrels last week in the United States, to 26.1 Mb. However, production also ...
By clicking “Accept Cookies,” I agree to provide cookies for statistical and personalized preference purposes.
To learn more about our cookies, please read our Privacy Policy.