Glacier FarmMedia – WHEAT futures lost more than 15 cents per bushel on Wednesday to go with overall weakness in the markets, as well as upcoming precipitation next week.
The National Weather Service is forecasting above-normal precipitation across the entire United States Plains for April 8 to 14, which would alleviate dry conditions in winter wheat growing areas.
Heavy rainfall will move from central Texas to Wisconsin later this week, bringing 40 to 75 millimetres of rain by Saturday. The heaviest rains are expected in Oklahoma, eastern Kansas and western Missouri.
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The U.S. Department of Agriculture will release weekly export sales data on Thursday. Traders are expecting 200,000 to 500,000 tonnes of old crop wheat and 100,000 to 300,000 tonnes of new crop to be sold during the week ended March 26.
SOYBEANS lost more than 10 cents per bushel as Chicago soyoil came down after speculation the war in Iran could end sooner than later.
Indonesia announced a plan to expand its biofuel mandate, implementing gasoline consisting of 50 per cent biofuel beginning July 1. While the move would reduce fossil fuel consumption in the country by four billion litres annually, it would reduce the amount of palm oil available to global markets.
Brazil has enlisted bank managers to use satellite imagery to determine if farmers have been illegally deforesting their land. The government argued that on-the-ground efforts have become more difficult and the new form of enforcement would withhold billions of dollars of publicly subsidized credit.
The trade anticipates between 300,000 to 700,000 tonnes of old crop U.S. soybeans and up to 50,000 tonnes of new crop sold for export last week.
CORN prices were lower for the fourth time in its last five sessions.
Counties in central Kansas and southern parts of Missouri, Illinois and Indiana are allowed to plant corn beginning today. Soil temperatures in Kansas City and Indianapolis were at a suitable 13 degrees Celsius.
The trade expects between 900,000 and 1.6 million tonnes of old crop U.S. corn, as well as up to 100,000 tonnes of new crop were sold for export last week.
The U.S. Energy Information Administration reported average daily ethanol production at 1.075 million barrels per day for the week ended March 27, down 41,000 bpd from the previous week. Ethanol stocks fell by 1.179 million barrels at 25.991 million.
