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3/30/17 Wheat & corn futures down 1-3c early. Rains in the Plains has pressured wheat markets back down 45-55c from Feb highs. The spec crowd has put on large Cgo Corn and Wheat futures shorts in the May contract. Maybe potential for 20-30c rally when they change direction? We now close to support lvls again all wheat and corn... World crop prospects still look good which keeps lid on prices. Now we will need adverse weather reducing crop sizes inorder to move up much again. Another USDA report March 31 for stocks and projected plantings. Market expecting 5 mil more soybean acres, 5 mil less corn ac, and 5mil less Spring wheat acres vs LY. 3/9/17 USDA crop report as advertised, still projecting big world crops and record world carryovers. US crops this coming year are forecast at 14 bil YC, 4.2 bil beans, & 1.83 bil wheat production which are all down from LY. Unfortunately US carryouts won't drop much as the world crops are forecast to be larger.
New crop prices have also taken a break. Now waiting for the next rallly. 2017 World Wheat Production projected at 27 bil bu 3rd largest crop ever, but down 500 mil bu from this past year. Lots of wheat around.. US export sales for the week ending 3/16 were 23 mil bu wheat, 33 mil bu corn, and 36 mil bu soybeans sold. Southern hemisphere just finishing large grain crop harvest. Aussie had their largest wheat crop ever at 35 mil MT (1.28 bil bu).
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Rain and snow will move through the middle Atlantic region and the northeast U.S. during Friday. This may include some lingering light precipitation in eastern areas of the Midwest. » More DTN Weather Commentary