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03-12-2019 09:25 AM - edited 03-12-2019 01:48 PM
IEG Vantage, the former Informa Economics estimated the U.S. 2019 soybean acreage at 85.49 million vs. its February estimate of 86.0 million. Production was estimated at 4.3 billion bushels with an average yield estimate of 51.2 bu./acre.
What do you think? Is this cropsize estimate too big, too small, or just right?
At the close:
At the close, the May futures finished 3 3/4¢ higher at $3.65 3/4. July futures closed 4¢ higher at $3.75 1/2.
May soybean futures ended 7¢ higher at $8.97. July soybean futures finished 7¢ higher at $9.11.
May wheat futures settled 24 1/2¢ higher at $4.53.
May soymeal futures closed 1.70 per short ton higher at $303.00. May soy oil futures closed 0.35 higher at 29.90¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.03 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 43 points lower.
At midsession, the May futures are 2 1/2¢ higher at $3.64. July futures are 2 1/4¢ higher at $3.73.
May soybean futures are 4 1/2¢ higher at $8.94 1/4. July soybean futures are 4 1/2¢ higher at $9.08 1/2.
May wheat futures are 19 3/4¢ higher at $4.48. May soymeal futures are 1.30 per short ton higher at $302.60. May soy oil futures are 0.19 higher at 29.83¢ per pound.
In the outside markets, the NYMEX crude oil market is $0.38 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 59 points lower.
Jason Roose, U.S. Commodities, says the markets have received some buying interest.
“Multiple reasons for a nice short covering rally today in the grains. The funds are close to being historically short in corn, there is slow farmer-selling, positive U.S./China trade talks and a weaker U.S. dollar. All of these make the U.S. commodities more competitive with exports in the future,” Roose says.
In early trading, the May futures are 1 1/2¢ higher at $3.63. July futures are 1 3/4¢ higher at $3.73.
May soybean futures are 2 1/4¢ higher at $8.92 1/4. July soybean futures are 2 1/4¢ higher at $9.06 1/4.
May wheat futures are 9¢ higher at $4.37. May soymeal futures are .10 per short ton lower at $301.20. May soy oil futures are 0.22 higher at 29.86¢ per pound. In the outside markets, the NYMEX crude oil market is $0.49 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 68 points lower.
Al Kluis, Kluis Advisors, says that investors will be watching the corn market’s performance in the second half of March.
“Can corn prices put in a major low in late March 2019, much like it did in 2016? Late March of 2016 was the last time funds were short that much corn at this time of year. The timing and the actual price level is very close to where we were at in 2016. My current estimate is that funds are now short 220,000 contracts of corn,” Kluis told customers in a daily note.