(The Crop Site) – US – March Corn finished up 3 at 727 1/2, 2 off the high and 4 1/2 up from the low. May Corn closed up 4 at 729 1/4. This was 5 1/2 up from the low and 1 3/4 off the high.
March corn traded modestly higher into the closing bell. The stock market took a breather after sharp gains yesterday and the US Dollar is sharply higher on the day which limited gains.
The South American weather outlook was unchanged midday with a dry forecast for Argentina and Southern Brazil.
Late next week some light showers may be seen in Argentina but accumulation is expected to be light.
The sluggish export pace and potential slowdown in the ethanol sector may create headwinds for the bull camp long term but the tight supply outlook as we head into the spring continues to add strong underlying support to the market along with the firm basis in the country.
Argentina announced this morning that they will release another 3 million tonnes of export quotas for this crop year and the government has already freed 15 million tonnes of corn for export for 2012/13.
A private analyst released their updated 2013 planting estimates and pegged corn acreage at 99.30 million acres vs. 99.03 in December and against the USDA estimate of 97.2 for 2012/13.
Soy Futures Closed Lower
January Soybeans finished down 3 1/4 at 1427, 11 1/2 off the high and 6 up from the low. November Soybeans closed up 7 at 1292 1/4. This was 10 1/2 up from the low and 2 3/4 off the high.
January Soymeal closed up 0.4 at 414.4. This was 2.8 up from the low and 2.2 off the high.
January Soybean Oil finished up 0.19 at 51.68, 0.07 off the high and 0.61 up from the low.
March soybeans traded both sides of the unchanged on the day on light profit taking ahead of the weekend. Strong domestic crush demand and explosive export sales data continues to add underlying support to the market.
A Chinese agency released trade statistics overnight and reported that domestic crushers bought a total of 1.8-1.98 million tonnes of soybeans from the US, Brazil, and Argentina in the last week compared to 1.2 million tonnes normally.
Stronger domestic crush margins helped to boost purchases from all the major world suppliers.
The South American weather forecast was unchanged on the day with a warm and dry pattern settling into Southern Brazil and Argentina over the next 7-10 days while scattered showers will persist in areas of Northern Brazil.
There is a chance for light showers in areas of Argentina late next week but confidence is low at this point. Harvest has begun in Mato Gross but light showers are delaying progress in some areas.
A private analyst released new 2013 planting intention estimates today and pegged the 2013 soybean acreage at 78.78 million acres vs. 78.96 in December and against the USDA estimate of 77.2 for the current crop year.
Wheat Futures Closed Lower
January Soybeans finished down 3 1/4 at 1427, 11 1/2 off the high and 6 up from the low. November Soybeans closed up 7 at 1292 1/4. This was 10 1/2 up from the low and 2 3/4 off the high.
January Soymeal closed up 0.4 at 414.4. This was 2.8 up from the low and 2.2 off the high.
January Soybean Oil finished up 0.19 at 51.68, 0.07 off the high and 0.61 up from the low.
March soybeans traded both sides of the unchanged on the day on light profit taking ahead of the weekend. Strong domestic crush demand and explosive export sales data continues to add underlying support to the market.
A Chinese agency released trade statistics overnight and reported that domestic crushers bought a total of 1.8-1.98 million tonnes of soybeans from the US, Brazil, and Argentina in the last week compared to 1.2 million tonnes normally.
Stronger domestic crush margins helped to boost purchases from all the major world suppliers.
The South American weather forecast was unchanged on the day with a warm and dry pattern settling into Southern Brazil and Argentina over the next 7-10 days while scattered showers will persist in areas of Northern Brazil.
There is a chance for light showers in areas of Argentina late next week but confidence is low at this point. Harvest has begun in Mato Gross but light showers are delaying progress in some areas.
A private analyst released new 2013 planting intention estimates today and pegged the 2013 soybean acreage at 78.78 million acres vs. 78.96 in December and against the USDA estimate of 77.2 for the current crop year.
