Your Pro Farmer newsletter (March 9, 2024) is now available

Pro Farmer newsletter
Pro Farmer newsletter
(Pro Farmer)

USDA made no changes to its U.S. corn and soybean ending stocks forecasts, but it cut global carryovers. While more market attention was on USDA’s Brazilian crop estimates, those figures remained well above private crop forecasters. Funds covered some of their massive combined net short position in the corn, soybean and wheat markets last week, but remain heavily short. It’s likely going to take a catalyst to trigger a strong and sustained wave of fund short-covering. With new-crop supplies available due to the quick and early harvest, Brazil’s soybean exports surged in February. Meanwhile, China imported far fewer soybeans during the first two months of this year than in 2023 due to poor crush margins, the Lunar New Year celebration and delays in customs clearance at ports. China set its annual economic targets at levels similar to last year. Beijing’s agricultural blueprint includes added funds for grain stockpiling, broader crop insurance for grain farmers and stabilization of the meat and dairy industries. China also touted its progress in the electric vehicle industry. We cover all of these items and much more in this week’s newsletter, which you can download here.

 

Latest News

Ahead of the Open | March 28, 2024
Ahead of the Open | March 28, 2024

Corn, soybeans and wheat traded in tight ranges overnight, with grains showing relative strength into the break.

Weekly wheat sales exceed expectations, while soybeans miss
Weekly wheat sales exceed expectations, while soybeans miss

Weekly wheat sales were just above the pre-report range for the week ended March 21, while soybean sales missed the expected range by 36,000 MT. Corn sales held steady at 1.21 MMT.

First Thing Today | March 28, 2024
First Thing Today | March 28, 2024

Corn, soybeans and wheat traded in narrow ranges during the overnight session ahead of USDA’s reports later this morning.

After the Bell | March 27, 2024
After the Bell | March 27, 2024

After the Bell | March 27, 2024

Pro Farmer's Daily Advice Monitor
Pro Farmer's Daily Advice Monitor

Pro Farmer editors provide daily updates on advice, including if now is a good time to catch up on cash sales.

Market Watch | March 27, 2024
Market Watch | March 27, 2024

Cash cattle prices soar to all-time high.