E. Midwest Wheat Likely to See Substantial Snow this Weekend to Middle of Next Week
Grains Unchanged to Lower in the Overnight
In the overnight session the grains were unchanged to lower. March corn was unchanged, March soybeans were down 1 ¾ cents, March Chicago wheat is down 3 ¾ cents and Hard Red Winter wheat is down 4 ½ cents. Temperatures this week should be turning warmer across the majority of the U.S giving the winter wheat area a break from potentially damaging conditions.
Exporters sell 120,000 metric tons of soybeans for delivery to Egypt during the 2017/2018 marketing year. Exporters sell 132,000 metric tons of soybeans for delivery to unknown destinations during the 2017/2018 marketing year. Exporters sell 102,100 metric tons of corn for delivery to Mexico during the 2017/2018 marketing years. -USDA
Argentina is still in need of more consistent and soaking rains. As of the latest report, 87.5 percent of soybeans have been planted and 77.9 percent of corn has been planted. Rainfall on last Thursday helped bring some moisture into Buenos Aires, but not all of the region benefited. The rain event also seemed to do little for the subsoil moisture which remains mostly marginal throughout Buenos Aires, Northern Cordoba and Santa Fe. More moisture will be needed to finish up with planting.
On average across the nation corn basis increased 2 cents for corn and 5 cents for soybeans last week. Severe cold conditions combined with the holiday left some end users looking for more grain on a short term basis. Basis along the Ohio and Mississippi River was strong last week as well with nearly double digit gains for both corn and soybeans. Soybean crushing facilities saw strong gains of 10-15 cents in the eastern corn belt and into the southeast.
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