Written Commentary
OPENING COMMENTS
Ag Fundamentals:
As the market digests yesterday’s USDA prospective planting and quarterly stock reports, we are in limbo until more information is released about tomorrow’s tariffs. As we hurry up and wait for the news break tomorrow, weather in both the US and South America steps into the spotlight. Over 70% of Brazil’s corn production is their 2nd corn crop which is exposed to the elements now. Brazil’s total corn production as of the March 11th WASDE was 126 MMT. Corn planting in southern Missouri, Illinois, and Indiana will be delayed due to rains coming through this week. April 1st, today, is the set insurance date for early corn planting and many farmers are expecting this rain to hold them off for at least a week from now. The wheat belt and parts of western Oklahoma and Texas is still expected to see a dryer than normal spring which could add a weather premium to wheat before June.
Growing Areas Below The White Line have early corn planting start dates of today 4/1.
Export & World News
Syria is in the market to buy up to 100K MT of milling wheat in an international tender.
Malaysian palm oil futures are closed for holiday.
Daily Trading Limits: Corn $0.30 (expanded $0.45); Soybeans $0.85 (expanded $1.30); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
Weather Outlook
>>Interested in more commentary by Joe Mauck? Go HERE
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