Weekly Ag Markets Update - Tuesday, March 23

Wheat: Winter Wheat markets were lower on funds and other speculators selling tied in part to the stronger US Dollar. Minneapolis closed a little higher on Friday but lower for the week. It has been a demand market and the export demand has not been good. The weekly charts still show downtrends in HRW and SRW. Minneapolis trends are turning down.  Demand has been disappointing so far as traders had expected better exports due to problems in Russia and parts of Europe earlier in the year. Ideas are that rain and snow that is falling in the Great Plains will help injured Winter Wheat. Temperatures dropped below 0F in many areas and that is cold enough to kill an unprotected crop. The actual damage will take some time to see under warmer temperatures and it might take until harvest to see the full effects of the recent extreme cold.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Chicago Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Corn: Corn closed higher last week in part in response to massive Chinese buying. The country bought about 4.0 million tons of US Corn last week.  Reports of Asian Swine Fever in China hurt speculative Corn buying and brought buying into hogs. Chinese demand had been strong until recently and it looks like they need the Corn either way. Prices inside China for Corn remain extremely high. It is still raining in central and parts of northern Brazil, but farmers were still able to harvest some of the Soybeans area and plant some of the Winter Corn around the precipitation. The Winter Corn crop is on a very slow pace to be planted and progress is well behind normal. Argentina has seen a general rain in the last week and Corn in Argentina has stabilized after losing yield to dry conditions and crop stress. Southern Brazil is also in a better place on crop conditions. The main crop harvest has started in parts of Brazil, but progress will be slow due to the late planting dates due to dry conditions earlier in the year. The second crop of Corn planting is also being delayed and yield estimates for South American Corn have been reduced.

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