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: Residue Management

Residue Management conservation practice manages the amount, orientation, and distribution of crop and other plant residue on the soil surface year-round while limiting soil-disturbing activities used to grow and harvest crops in systems where the field surface is tilled prior to planting. This video explores how Ryan McKenzie implemented this conservation practice on his farm in Samson, Alabama.

Practice benefits:

• Increases organic matter

• Improves air quality

• Decreases energy costs

• Reduces erosion

• Improves soil health

The Conservation at Work video series was created to increase producer awareness of common conservation practices and was filmed at various locations throughout the country. Because conservation plans are specific to the unique resource needs on each farm and also soil type, weather conditions, etc., these videos were designed to serve as a general guide to the benefits of soil and water conservation and landowners should contact their local USDA office for individual consultation.