March 19, 2018 | Grain Hedge Insights | Kevin McNew | Views: 388

Rains in Argentina Over the Weekend

Grains Down This Morning

Headlines

Wheat sharply lower after KS precipitation

Corn lower after rains fall in Argentina  

EXPORTERS SELL 206,000 METRIC TONS OF CORN FOR DELIVERY TO JAPAN DURING THE 2018/2019 MARKETING YEAR- USDA

EXPORTERS SELL 115,000 METRIC TONS OF CORN FOR DELIVERY TO UNKNOWN DESTINATIONS DURING 2017/2018 MARKETING YEAR

 

KC Wheat Region

A narrow band of rain fell from northwestern Kansas toward south central Kansas late this weekend bringing between .5 and 1 inch of precipitation.   

Rain and snow is still falling in Western Kansas.

The latest weather forecast shows chances of additional weather systems into the plains in late March and early April.  

 

Argentina

Rains fell in Argentina over the weekend, but topsoil moisture improvements were limited to a small region from southern Cordoba to Northern Buenos Aires.

Other areas throughout the Pampas and Northern Argentina were left relatively dry. Some area received light rain, but was unable to bring meaningful increases to the topsoil moisture.

There is a chance for more rains this weekend but confidence remains low that it will produce a drought reducing rain event.

Brazil

AgRural reported that 58 percent of soybeans have been harvested in Brazil which is ahead of the five year average (55% harvested) but behind last year (62% harvested).

AgRural reported that 92 percent of second crop corn has been planted which is above the five year average (90% planted), but behind last years planting pace (96% planted).

 

Commitments of Traders- Week ending March 13th

Managed money (MM) increased their net long position in Corn by 69,529 to 233,063.

MM increased their net long soybean position by 24,489 to 208,200.  

MM increased their net short SRW wheat position to -35,584 from -32,531.

MM increased their net long KC wheat position to 28,946 from 20,759.

MM increased their net long HRS position to 1,240 from 1,187.  

 

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