Soybeans down ahead of USDA reports. Thursday, March 28, 2024

May corn is up 1¾¢ this morning.

May soybeans are down 7½¢.

CBOT wheat is flat. KC wheat is up less than a penny. Minneapolis wheat is down a penny.

“Today’s commodity focus is on a set of reports due to be released from USDA,” says Arlan Suderman, chief commodities economist with StoneX. “The first of these is the quarterly grain stocks report at 11 a.m. Chicago time, in which USDA provides a snapshot look at available stocks of the major grain and oilseeds existing as of March 1. This data is expected to show a healthy growth of supplies over the past year for corn, soybeans, and wheat.

“Simultaneously, USDA is expected to release the results of its producer planting intentions survey for the upcoming growing season. That report is expected to show a modest shift in acreage away from corn and wheat toward soybeans, cotton, and rice. Both of these reports are known for their market moving surprises, and the direction of the surprises often defy logic in the stocks report.”

Earlier this morning USDA released the weekly Export Sales report. The report shows export sales of corn, soybeans, and wheat for the 2023/2024 marketing year for the week ending March 21 as follows:

• Corn net sales were pegged at 1,206,500 metric tons. The report says this is up 2% from last week and up 4% from the four-week average.
• Soybean net sales were pegged at 263,900 mt. The report says this is down 47% from last week and down 26% from the four-week average.
• Wheat net sales were pegged at 339,600 metric tons. The report says this is “down noticeably from the previous week, but up noticeably from the prior four-week average.”

Corn sales fell within the expected range while soybeans fell below expectations and wheat exceeded expectations.

Live cattle are up 55¢ this morning. Feeder cattle are down 70¢. Lean hogs are up 20¢.

Crude oil is up $1.01.

S&P 500 futures are up less than one point. Dow futures are down 5 points.

Tags: corn, soybeans, wheat, futures, live cattle, feeder cattle, lean hogs