First notice day for deliveries on March CBOT contracts is this Thursday, which is usually an up day for markets after (usually) a down day the previous day as all the holders of long positions in the March futures are liquidating to avoid being assigned bushels. Translation: Your futures broker and your merchandiser want you to price or roll all March long positions before the close tomorrow.
Highlights
More scuttlebutt Monday about the possibility of more corn exports to China and other world buyers.
Basis for soybeans at China’s ports have firmed 10¢ per bushel Monday and again today.
AgRural reduced their estimate of Brazil’s bean crop by 2.4 mil mts to 147.7 million mts and estimates Brazil’s soybean harvest was 40% complete as of last Thursday vs. 33% last year.
We know not nearly all bean acres get planted to second crop corn, but safrinha corn planting is supposedly 70% complete and does not appear to match the bean harvest progress.
Agrinvest Commodities of Brazil provided the following report of yesterday’s conference call: