Chicago Close: Corn, Soys Post Solid Gains Ahead of USDA Monthly Update

Mar 08, 2024

Corn and soybean futures posted solid gains on Thursday, ahead of the USDA’s monthly supply-demand update due for release tomorrow. Wheat closed mixed.

Corn drew support from positioning ahead of the supply-demand report, a weaker US dollar and a positive weekly export sales report. The export sales report showed bookings of US corn for the week ended Feb. 29 at 1.11 million tonnes, up 2.5% from the previous week and at the upper end of trade ideas. May corn gained 9 ¼ cents to $4.38, and December was 8 cents higher at $4.69.

The export sales report boosted soybeans as well, as did the weaker greenback. The report pegged soy bookings at 613,534 tonnes, a seven-week high and also at the high end of pre-report trade guesses. May beans jumped 18 cents to $11.66 ¼, and November added 11 ½ cents to $11.53 ¾.

Wheat was mostly higher on the losses in the US dollar, which makes American supplies more attractive to foreign buyers. Export sales were reported at just over 271,000 tonnes, down from the previous week but similar to last year. The Chicago market slipped slightly after the USDA confirmed Chinese buyers had cancelled 130,000 tonnes of Soft Red purchases made last year. May Chicago dipped 2 ½ cents to $5.28 ½, but May Kansas City climbed 18 ½ cents to $5.74 ¾, and May Minneapolis gained 9 ½ cents to $6.54 ¾.

Source : Syngenta.ca

Video: Why Invest in Canada’s Seed Future? | On The Brink: Episode 3

Darcy Unger just invested millions to build a brand-new seed plant on his farm in Stonewall, Manitoba so when it’s time for his sons to take over, they have the tools they need to succeed.

Right now, 95% of the genetics they’ll be growing come from Canadian plant breeders.

That number matters.

When fusarium hit Western Canada in the late 90s, it was Canadian breeders who responded, because they understood Canadian conditions. That ability to react quickly to what’s happening on Canadian farms is exactly what’s at risk when breeding programs lose funding.

For farmers like Darcy, who have made generational investments based on the assumption that better genetics will keep coming, the stakes are direct and personal.

We’re on the brink of decisions that will shape our agricultural future for not only our generation, but also the ones to come.

What direction will we choose?

On The Brink is a year-long video series traveling across Canada to meet the researchers, breeders, farmers, seed companies, and policymakers shaping the future of Canadian plant breeding. Each week, a new story. Each story, a piece of the bigger picture.

Episode 3 is above. Follow Seed World Canada to catch every episode, and tell us: Do you think the next generation will have the tools they need to success when they takeover? How is the future going to look?