Corn and soybeans drifted lower early today, but bounced back by the close. Cheaper South American corn along with beneficial weather for soybeans and the second corn crop in Brazil have kept the pressure on.
The US and China trade talks have turned to poultry. The US would like to ship chicken wings, legs, thighs, and paws to China, and China would like to sell chicken breasts to the US. But, China must first remove restrictions from 2015 when the US had an Avian Flu outbreak.
Corn commitments for export are .7% larger than this time last year. As of February 21, they were 64% of the USDA’s export projection, with the 5 year average at 71% for that date. Soybean commitments for export are now 14.5% below a year ago, catching up with larger sales. The USDA is projecting a 12% drop for the full year, with the commitments 76% of that estimate vs. the 89% average.
May corn closed 2 cents higher at $3.73, May soybeans closed 1 cents higher at $9.11 , and March wheat closed 1 cents higher at $4.54.