Here's what you need to know about grain market performance last week.
Grains fight back on Friday, but closed the week 6 lower on corn and off 21 for beans.
Trade war heats up between US and China but so far US grains not on China’s retaliatory list.
In Argentina, the Buenos Aires exchange slashed their soy forecast to 39.5 MMT from 42 previously and USDA’s estimate of 47 MMT. For corn, they pegged it at 32 MMT, off from their prior estimate of 34 and USDA at 36 MMT.
Corn sales of 1.4 MMT for the week above the normal pace of 900,000 MT to reach USDA’s target on the year. Meanwhile soy sales of 747,000 MT were light compared to expectations but continue to be seasonally strong.
Mar 29 brings USDA Planting Intentions Report. Traders look for 89.4 million acres on corn vs 90.2 last year and 91.1 on soybeans relative to 90.1 in 2017.
Cash Markets
Cash markets continue to feel the sting of higher barge freight with river terminals weakening basis by 4 cents on average for corn and soybeans by 2 cents.
Conversely, end users showed more strength this week. Corn ethanol plants were up 1 cent on average while bean crush facilities bolstered their basis by 2 cents
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