The USDA starts releasing its national crop ratings and planting/harvesting/development reports starting in April yet we may get some figures from certain states tonight. Growing season is here and we are having a few issues with too much moisture in the northwestern third of the Heartland and this might mean some problems with corn, oats durum and spring wheat which might mean the market could put in a weather premium if we get another two weeks of cool and wet conditions.
Weather is a major part of the market’s focus yet, the USDA will give us some figures on Friday at 11:00 Chicago time to ponder. Prospective Plantings will be questioned given the weather concerns while the stocks as of March 1 might be seen as a little more accurate. Basis levels and spreads still suggest that we started the month of March will ample and comfortable corn and bean stocks while the wheat market suggests that adjustments may be made because of quality or over counting. Regardless, deliverable stocks are accurate and indicate that we’re not going to run out of wheat but, it would be nice to harvest a good quality 2019/2020 crop. Only time will tell!
It is the end of the quarter and end of the month and this might spark a little short covering or position squaring. The World is still a changing place and social unrest and political happenings appear to escalating as Britain is still unknown with what happens with Brexit, Venezuela is scary and there are fears that what is happening in these two domains may spread to others. There’s always something that might surprise the market!
The information contained on this site is the opinion of the writer and obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in current market prices.
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