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Although there were no negatives in today's grain prices upon closure, soybeans were really the only commodity to finish positive. Argentina's weather forecasts ran drier, giving some support to the commodity that has faced the most downside movement over the past few months. Today in fact, was soybeans best day of 2024.
Argentina remains dry for another 10 days, while temps reach the 90's to lower 100's. The 11-15 day features a few scattered showers, but nothing wide-spread. Regular showers fall in Norther Brazil over the coming 10 days, with totals forecast in a range of 4-9".
A Farm Futures Magazine farmer survey estimated 2024 U.S. corn planted acreage at 92.8 million, near S&P Global’s 93.0 mln ac on Monday and down from 94.6 mln ac in 2023. Soybean plantings were seen at 84.95 mln ac, down from S&P’s 85.5 mln but still above 83.6 mln last year. All-wheat seedings came in at just shy of 48 mln ac, above S&P’s 47.225 mln ac but still below 49.6 mln ac in 2023/24. The survey also found winter wheat seedings at 37.3 mln ac, well above the 34.4 mln ac USDA January figure. The US acreage debate is just heating up though, and will have an impact on prices as we go forward!
Australia surprised the trade today as they announced to Reuters that they are poised to produce much more wheat and other crops this year than previously thought after rainfall confounded expectations that an El Nino weather pattern would maintain dry and hot conditions, analysts and industry associations said. This put some pressure on wheat prices into the close.
Funds were thought to have been all buyers today.
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