Corn is currently down 1⁄2
of a penny while soybeans are up 6¢.
CBOT wheat is up 2¢. KC wheat is up 4¢. Minneapolis wheat is up 2¢.
The USDA World Agricultural Supply and Demand Estimates (WASDE) report is scheduled for release next Wednesday, March 8.
Bob Linneman with Kluis Commodity Advisors says traders are expecting private estimates to lower projections for Argentina’s soybean crop before the USDA report is released. USDA’s February estimate was 41 million metric tons.
Currently 70% of corn and soybean acres in Argentina are under drought stress, according to Commodity Weather Group.
Rumors have been circulating this week that China is going to buy U.S. corn but nothing has materialized yet.
Linneman says while the rumors have not been enough to boost corn prices, “if we see confirmation of the sale, then we should see futures gain momentum higher. If the rumor is confirmed and we do not move higher, then that should be viewed as a warning sign for the bulls.”
Live cattle are currently up 23¢. Lean hogs are up 58¢. Feeder cattle are up $1.03.
Crude oil is down 97¢.
S&P 500 futures are up 22 points. Dow futures are up 93 points.
