China said this week that there should be no diplomatic contact between Taiwan and the US. If these communications were to happen there would be consequences to follow on the US, Taiwan or Both.
Cargill announced early in the week that they would not be an exporter of Russian Grain in the 23-24 crop year. A Day later, Viterra joined Cargill and it is rumored that Louis Dreyfus could be the next company to leave Russia.
Prospective Plantings and Stocks Report
Today the USDA release the March Prospective plantings and Quarterly Grain Stocks reports. Below are the numbers from the report in million acres.
|Crop||March Report||Feb Outlook Conf||Average Trade Est|
Key take aways. Corn acres come in higher than expected and up 4% from last year. Beans are lower compared to Feb numbers but at trade estimates prior to the report. Wheat acres also moved higher than expected up 9% from last year. Cotton acres stable from all angles but down 16% from last year.
The Quarterly Stocks Report showed the following in billion bushels:
|Crop||March Report||Stocks one year ago||Average Trade Est|
Key take aways. Lower stocks across the board. Corn stocks down 5 percent from last year. Soybeans down 13% and wheat down 8%
All prices were gathered the afternoon of Friday, March 24, 2023, and compared to open price on Monday morning.
- Oil, up 6.13 a barrel to $75.55.
- May 2023 Corn, up 15 cents to $6.60.
- Dec 2023 Corn, up 6 cents $5.63.
- May 2023 Beans, up 77 cents to $15.05.
- Nov 2023 Soybeans, up 46 cents to $13.19.
- July 2023 Wheat, up 2 cents to $7.04.
- May 2023 Cotton, up 594 points to 82.78.
- Dec 2023 Cotton, up 447 points to 83.42.
Local Basis Talk
No new comment at this time