Soybean futures traded higher. Concern about Argentina export pace and increase demand in US and China is helping meal. May soybeans is back near a pieces where futures traded below on lower energy prices and demand concerns and near 8.80. next resistance is near 9.00 then 9.20. Weekly US soybean exports were near 21 mil bu vs 31 last year. Season to date exports are near 1,146 vs 1,049 last year. USDA goal is 1,825 vs 1,748 last year. Increase in domestic soymeal demand is supporting soybean prices. Trade est US 2020 soybean planted acres intentions near 85.0 million versus 76.1 last year. Trade estimates US March 1 soybean stocks near 2,175 vs 2,727 last year.
Corn futures trade both sides of unchanged. Corn futures are still under pressure on concern about lower US corn demand. Some feel a combination of lower ethanol demand and export could raise US 2019/20 corn end stocks as much as 300 mil bu. South Brazil is dry and could reduce final 2020 corn crop. Few feel that this will help US export demand. Weekly US corn exports were near 32 mil bu vs 39 last year. Season to date exports are near 659 vs 1,118 last year. USDA goal is 1,725 vs 2,065 last year. Next USDA report will be March 31. Most look for USDA to estimate US 2020 corn acres will increase from last year. March 1 US corn stocks are expected to be lower than last year. Trade estimates US 2020 corn planted acres near 94.0 million versus 89.2 last year. Trade est US March 1 corn stocks near 7,900 mil bu vs 8,613 last year.
Wheat futures continue to jump higher. Positive technical signals is attracting new buying. Talk of increase US domestic demand for US flour and concern if supply is disrupted due the spread flu has helped rally futures. Managed funds have been net buyers of 11,000 soybeans, 5,000 soymeal, 2,000 soyoil and 14,000 wheat. Weekly US wheat exports were near 12 mil bu vs 14 last year. Season to date exports are near 738 vs 675 last year. USDA goal is 1,000 vs 936 last year. Next USDA report will be March 31. Most look for USDA to estimate US 2020 wheat acres to be unchanged from last year. March 1 US wheat stocks are expected to be lower than last year. Trade estimates US 2020 wheat planted acres intentions near 45.0 million versus 45.2 last year. Trade estimates US March 1 wheat stocks near 1,420 vs 1,593 last year.
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