March 29th

Market Report

Wheat, corn and soybeans all trading lower this morning.
Soybeans at a ten day low this morning on maintained dollar strength. We have the quarterly stocks report and prospect planting report this Wednesday. Reuters poll shows average trade estimate for wheat stocks at 1.272BBu, down from 1.415BBu Y/Y. Corn at 7.767BBu down from 7.952BBu Y/Y, soybeans at 1.543BBu, down from 2.255BBu Y/Y. Poll estimates for U.S. plantings: Corn at 93.208, wheat at 44.971, soybeans at 89.996 (all in millions of acres).

Money managers reduced the net long position in Chicago wheat futures and options last week by 9,365 to 8,160, the least bullish position held since 29th December. The corn net long was increased by 17,275 to 388,175, the most bullish position since 31st December 2010. The soybean net long was increased by 6,813 lots to total 162,853.
China sold just over 1Mt in its state reserve auctions last week, approximately 26% of the volume offered, marking the lowest volume sold so far this year on falling domestic corn prices. Dalian May contract at the lowest since late December.
Ukrainian Agricultural Ministry has lowered its estimate for 2020/21 wheat production to 24.88Mt from 25.1Mt.
The Ever Given has reported to have been freed from the shoreline of the Suez Canal.