- Grains mixed near the break this morning
- Wheat is 2 cents higher and corn is up 3
- Beans are off nearly 2 cents
- Hog futures gain more than 4% after the USDA says China bought 3K metric tons of US pork in the week ending March 14
- The prospects of China buying more US pork could help prop up corn prices as well; if we start exporting a lot of pork to China, that's bullish for feed demand (in the US)
- The U.S. and China are expected to strike a trade deal in April that will benefit agricultural commodities such as corn and sorghum
- FranceAgriMer reported steady French soft wheat condition ratings this week at 85% good/excellent, still up from 79% g/ex at this point last season.
- Many traders are becoming focused on possible planting delays
- While export sales were on the low end of traders guesses yesterday corn and wheat sales hit levels needed to achieve USDA forecasts
- Crude oil traded over $60 this week for the first time since November
Chart of the Day
Corn export sales hit the middle of the trade estimate range at 33.7 million bushels this week, up from just 14.6 mbu the week prior, but that still left old-crop sales well short of the comparable week last year (57.9 mbu), not to mention each of the two years before that (both around 50 mbu). Cumulative ‘18/19 corn sales held more than a 200 mbu advantage over last year’s pace around the start of the cal-endar year—before the government shutdown—but that number has flipped to a 132 mbu year-over-year shortage.