Photo by Waldemar on Unsplash

We kicked off the day with Redbook YoY at 7;55 A.M., S&P Global Manufacturing  PMI Final at 8:45 A.M., ISM Manufacturing PMI, JOLT’s Job Openings, Jolt’s Job Quits, ISM Manufacturing Employment, Construction MoM, ISM Manufacturing New Orders, and ISM Manufacturing Prices at 9:00 A.M., RCM/TIPP Economic Optimism Index at 9:10 A.M., Dallas Fed Services Index and Dallas Fed Service Revenues Index at 9:30 A.M., Cotton System, Fats & Oils, and Grain Crushings at 2:00 P.M.

March 1^st US corn stocks nearly matched market expectations at 8,151 Mil Bu, which implies old crop US corn balance sheet will be rather tight and Ag Resources (ARC’s) is suggesting the USDA to trim 24/25 end stocks another 125 Mil Bu in its April or May reports. Dec-Feb corn feed/residual disappearance at 3,886 Mil Bu is down 180 Mil Bu (4%)year-over-year. This is due to abnormal low moisture content and implies the USDA must lower its annual feed consumption by 75 million bushels in its April WASDE. However, this will bee more than offset by larger exports demand. ARC notes Census US corn exports in March are projected at 320-333 Mil Bu, vs. 232 Mil in 2024 and the 4^th largest for any month on record.

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