Wheat Down in the Overnight Session
Highlights
CME increases corn and soybean margins
Argentina
Two precipitation events are expected in Argentina through Monday.
Strongest precipitation is expected to occur in the northeast.
The precip events have potential to be widespread and provide some meaningful moisture to Buenos Aires, southern Entre Rios and Southern Santa Fe.
Argentine President announced that there will be some debt relief for farmers who have endured this years fierce drought.
Brazil
More showers today across Brazil are expected to slow fieldwork.
FC Stone forecast 17/18 cotton area to increase to 1.183 million hectares. The company expects some Mato Grosso farmers to switch to cotton from corn due to favorable return prospects
Winter Wheat Crop Conditions
Latest GFS weather model suggested increased precipitation between March 23rd and March 25th in the Texas Panhandle, western Oklahoma and southwestern Kansas.
Although the latest run of the weather model suggests a possibility of rain, weather forecasters say there is still “low confidence” this event will bring meaningful moisture into the areas of extreme drought.
CME Raises Margin Requirements
CME raises margin requirements for corn to $600 per contract from $550. Soybean margins were increased to $1,400 per contract from $1,300 per contract.
NOPA Report Expectations
NOPA crush report scheduled for March 15th. Analysts are expecting to see total February crush to be reported at 149.443 million bushels.
Analysts are expecting soy oil stocks to be reported at 1.766 billion pounds.
FranceAgriMer Cuts SRW Stocks and Exports
The organization cut their estimates for French 17/18 SRW wheat export estimates to 8.5 MMT from 9 MMT.
French SRW wheat ending stocks were revised to 3.2 MMT from 3.25 MMT.
French 17/18 corn ending stocks were also revised lower to 2.7 MMT from 2.8 MMT in last months estimates.
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cmdty National Corn Price Idx:ZCPAUS.CM
open: 6.2232
高:6.2304
low: 6.1846
close: 6.2168
cmdty National Soybean Price Idx:ZSPAUS.CM
open: 13.4661
high: 13.5136
low: 13.3296
close: 13.3868
cmdty National Hard Red Winter Wheat Price Idx:KEPAUS.CM
open: 7.071
high: 7.1132
low: 7.0185
close: 7.0895
cmdty National Soft Red Winter Wheat Price Idx:ZWPAUS.CM
open: 6.9525
high: 6.9726
low: 6.89
close: 6.9398
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