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Grain Insights
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By: Kevin McNew, AgWeb
The Grain Hedge Team provides a macro-focused daily view of the world’s grain markets. Kevin McNew received a bachelor’s degree from Oklahoma State University and his master’s and Ph.D. degrees in Economics from North Carolina State University. He spent 10 years as a Professor of Economics with the University of Maryland and Montana State University focusing on commodity markets and is widely regarded for his ability to boil-down complex economic situations into easy-to-understand concepts for applied life.
Argentina Will Remain Dry Until Weekend
Mar 08, 2018
Highlights
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Grains pare overnight losses after strong export sales.
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March WASDE report due out at 11 AM CST
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Exporters sell 110,000 metric tons of Corn for delivery to Japan during the 2017/2018 marketing year.
Argentina Weather
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Showers are expected over the weekend, but meaningful moisture will be localized and in Northern Argentina.
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Latest weather model showed an increase of precipitation is expected in Buenos Aires, central and the northeastern growing region next Thursday through Friday.
Ethanol
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Ethanol Production increased to 1.057 million barrels per day from 1.044 MBPD.
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Weekly production was 3.4% over LY during same week.
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The increase in production over the last few weeks brings total production 2.5 percent over LY.
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U.S. ending stocks increased to 972 million gallons from 965 million gallons LW.
Export Sales
- Corn and soybeans beat export sales expectations by a large margin.
- Corn sales increased 8 percent compared to last week on strong buying from Japan, Mexico, Taiwan and Vietnam.
- China accounted for 1.2 MMT of soybean sales this week.
|
Actual |
Estimated |
|
|
Corn |
1,857 |
1,000-1,500 |
|
Soybeans |
2,509 |
900-1,400 |
|
Wheat |
391 |
200-500 |
The risk of trading futures, hedging, and speculating can be substantial. Grain Hedge is a Branch of Foremost Trading LLC (NFA ID: 0307930)
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