Premier Cooperative

Premier Market Commentary

March 18, 2019

Closing Comments 3/18/2019

 Afternoon Market Information Thursday, March 18, 2019

MARKET MOVERS

 

Corn was modestly lower today with fund selling weighing on the low volume trade. CK fell 1 ¾ cents; CZ was 1 ¼ cents weaker. Commodity fund selling as of midsession was estimated at 3600 corn contracts. Also a bit negative to today’s trade was a report from a Chinese news source that a U.S./China trade summit would not occur before June. The report was discounted by day’s end as it was not collaborated by any other news sources. Otherwise, there was little fresh trading news for the corn market today. The weekly export inspections report showed last week’s corn shipments at 31 million bu. which was well below the year ago level of 57 million bu. and the 53 million bu. total that is needed each week to reach the USDA’s export projection for 2018/19. Corn shipments for the marketing year to date now total 1.079 billion bu. compared to 858 million bu. a year ago. Midwest weather the next week looks warmer and drier than normal, but wet weather is expected to return to the region by the middle of next week, keeping any field-work to a minimum at best.

Soybeans were a bit weaker today as the market lacked bullish news to begin the week. SK and SX were each 3 ½ cents lower. Light commodity funds selling, estimated at 2900 contracts pressured the market as did the report from a Chinese news source that a U.S./China trade summit would not occur before June. Funds are now estimated to be short about 85,000 soybean contracts. The weekly export inspections report included soybean shipments last week totaling 31 million bu. or about 4.5 million bu. less than needed/week to reach the USDA’s 2018/19 export projection. Marketing year to date shipments are 1.018 billion bu. which is 461 million bu. less than a year ago. Argentina weather remains generally favorable for the soybean crop there which is currently projected in a 54 – 56 MMT range compared to last year’s crop of 37.8 MMT’s.

Wheat prices fell by as much as 1% Monday on some lackluster export inspection data, which served as a fresh reminder of large domestic and global stockpiles. May Chicago SRW futures fell 5.5 cents to $4.5675, with May Kansas City HRW futures down 5 cents to $4.38. MGEX spring wheat contracts bucked the trend, as late winter flooding in parts of the Midwest and Plains could put some of this year’s acres in jeopardy. May futures trended 6 cents higher to $5.6075.Wheat export inspections slumped to 13.0 million bushels last week, down significantly from the prior week’s total of 22.5 million and falling below trade estimates that ranged between 14 million and 25 million bushels. The Philippines was the leading destination, with 2.3 million bushels.





USDA Weekly Export Inspections Monday 03/25/2019 @ 10:00 AM

USDA Crop Progress report Monday 3/25/2019 @ 3:00 pm

USDA Weekly Export Sales Thursday 3/28/2019 @ 7:30 am

HAVE A PREMIER NEW YEAR

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The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities here in.

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CORN SOYBEANS WHEAT, SRW
Price (+/-) Price (+/-) Price (+/-)
3/31/19 3.47
0'4
Chart 8.56
0'2
Chart    
4/30/19 3.47
0'4
Chart 8.56
0'2
Chart    
5/31/19 3.47
0'4
Chart 8.56
0'2
Chart    
6/30/19 3.46
0'2
Chart 8.55
0'2
Chart    
7/31/19 3.49
0'2
Chart 8.55
0'2
Chart    
10/31/19 3.60
0'2
Chart 8.84
0'2
Chart    
11/30/19 3.60
0'2
Chart 8.84
0'2
Chart    
12/31/19 3.64
0'2
Chart 8.97
0'0
Chart    
1/31/20 3.67
0'2
Chart 9.02
0'0
Chart    
3/31/20 3.70
0'2
Chart 9.04
0'6
Chart    
5/31/20 3.75
0'4
Chart 9.06
-2'6
Chart    
7/31/20 3.77
0'0
Chart 9.08
-3'0
Chart    
10/31/20 3.69
-0'4
Chart 9.12
0'6
Chart    
11/30/20 3.69
-0'4
Chart 9.12
0'6
Chart    
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