HRW Wheat Belt Expected to See Beneficial Rains
Grains Start with a Good Bounce on Sunday Night
Grains started with a good bounce on Sunday night but by early Monday gains were starting to erode.
USDA reported a 132,000 MT of corn was sold to South Korea.
Friday’s CFTC report on managed money showed funds had sold more positions than originally thought in the past week. The soybean long was off, the wheat short was larger than expected and corn went from net long to net short.
The US HRW wheat belt is expected to see some beneficial rains in the coming two weeks with about 75% of the crop expected to see beneficial moisture. In international news, Turkey denied reports that it has banned imports of certain products from Russia, after traders warned shipments of Russian wheat to its second-biggest export market face disruption. But, Turkish buyers are said to be on hold for purchasing Russian ag products.
In South America, Brazil is about 62% harvested on beans vs 56% average. In Argentina, port workers at Rosario are said to be taking a one-day strike on March 30 to demand better wages. About 80% of Argentina’s exports go thru Rosario.
The Taiwan Flour Millers' Association has issued an international tender to purchase 98,200 tonnes of grade 1 milling wheat to be sourced from the United States.
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