StoneX Morning Grain Comments
March 28, 2023
Current Trend: Steady/Mixed
Reason: Soybeans and meal rebound off lows, plenty of USDA uncertainty ahead on Friday.
Estelline Coop Grain offers various types of contracts to help you achieve your marketing goals. Stop in and we would be more than happy to discuss what options would work best for your operation.
- Limit Gains for Cotton Market
- Old crop cotton futures are stuck at their 3 cent limit so far for Tuesday. The new crop futures are also triple digits higher with gains of as much as 242 points. The 3/27 Cotlook A Index was a penny weaker at 91.05 cents/lb. The updated AWP for cotton is...
- Hog Futures Down by Double Digits
- The lean hog futures market is giving back $0.67 to $1.22 at midday. The National Average Base Hog price was 58 cents lower on Tuesday morning to $75.45. for Monday was 74 cents weaker to $75.84. The CME Lean Hog Index was down by 42 cents to $76.57 on 3/24....
- Mixed Cattle Market at Midday
- Cattle futures are mixed but mostly higher with prices up 2 to 35 cents. The Jun contract is trading at a 5 cent midday loss. Tuesday’s FCE auction had 1,482 head listed with no sales between $162-163 bids and $165-166 asks. Cash trade was unestablished on Monday. Last week’s cash...
- Tuesday Gains in Wheat Market so far
- Midday wheat futures are in the black. Chicago SRW is holding onto fractional gains for midday. HRW futures are trading 3 to 7 cents higher so far. Spring wheat prices are only 3 cents off their highs at midday with 7 to 11 cent gains. State winter wheat conditions scored...
- Soy Rallying through Midday
- The soy complex is posting a strong Tuesday follow through with gains led by the meal. Soymeal prices are 2% to 2.5% higher at midday on +$10/ton gains. Soybean futures are up another double digits on 0.9% to 1.7% gains. BO futures are trading up by 43 to 50 points...
- Corn Near Break Even at Midday
- Midday corn quotes are fractionally to 3 cents higher as the board works back toward break even. May futures saw 3 cent gains at the high earlier in the session. Another 136,000 MT old crop corn sale was confirmed this morning to China. Weekly Export Inspections data showed 666,325 MT...
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Join us March 22, 2023 at the Estelline American Legion for our annual meeting. Lunch will be served from 12-12:30pm with the meeting to follow. There are 2 board positions up for reelection. Let us know if you would like to be on the ballot!!
|Notes||Basis Month||Futures Price||Basis||Cash Price|
All grain prices are subject to change at any time.
Cash bids are based on 10-minute delayed futures prices, unless otherwise noted.