Afternoon Comments 3/24/2014
Monday, March 24, 2014, 2:46 pm
Submitted by: Joel Pudenz
Submitted by: Joel Pudenz
Good Afternoon!
Grains traded higher today with corn, soybeans, and wheat all making double-digit gains. Corn was supported by some fund buying and a solid export inspections number - 45 mln bushels vs. 35 mln needed to meet USDA projections. One week from today, the USDA will release the Quarterly Stocks report and Planting Intentions. Quarterly stocks are expected to be near 7.1 bln bushels; estimates for corn acres are around 93.0 mln acres. Look for corn to be range-bound between $4.80 and $4.90 through this week as the trade prepares for the March 31st report.
Soybeans gained 16 cents in the nearby with support coming from an anticipated bullish stocks report. Export inspections were also friendly. Chinese crushers are still deciding not to default on purchases, but are working to roll S.A. purchases forward or into the U.S. March 31st stocks estimates for soybeans are around 980 mln bu. and acres are about 81.0 mln acres.
Corn closed up 11 cents at $4.90
Beans Closed up 16 cents at $14.25
No comments:
Post a Comment