DTN Closing Grain Comments

General Comments:

Corn was down 1/2 cent in the May contract and up 1/2 cent in the December. Soybeans were down 4 1/4 cents in the May contract and down 6 cents in the November. Wheat closed down 4 cents in the May Chicago contract, down 6 3/4 cents in the May Kansas City, and down 2 3/4 cents in the May Minneapolis contract.

The June U.S. dollar index is down 0.48 at 98.96. April gold is up $6.70 at $1,255.20 while May silver is up 36 cents and May copper is down $0.0010. The Dow Jones Industrial Average is down 51 at 20,546. May crude oil is down 0.32 at $47.65. May heating oil is down $0.0012 while May RBOB gasoline is up $0.0070 and May natural gas is down $0.011.

Corn:

May corn was down a half-cent Monday, extending its losing streak to six consecutive days while weather factors remain bearish in Brazil and the U.S. This week's forecast expects more chances of light to moderate showers on Brazil's second corn crop with pollination due to begin in April. Here in the U.S., the central and southern U.S. Plains are in for broad coverage of moderate to heavy rains, helping the country's driest areas. U.S. demand for corn remains active with USDA reporting 61.3 million bushels of corn inspected for export last week. So far, corn's increased demand has only slowed, but not been able to stop the steady erosion of prices. Friday's CFTC data showed noncommercials less bullish in corn with 63,649 contracts net long as of Mar. 21, down sharply for a second consecutive week. May corn continues to trend lower with no sign of support yet. DTN's National Corn Index closed at $3.17 Friday, priced 39 cents below the May contract and at its lowest price in 2017. In outside markets, the June U.S. dollar index is down 0.48 at its lowest price in four months, but not triggering much bullishness among commodities in general.

Soybeans:

May soybeans closed lower for a fourth consecutive day, ending down 4 1/4 cents with another week of favorable harvest weather expected in Brazil. The private firm, Safras & Mercado said 70% of Brazil's harvest is complete with the top-producing province of Mato Grosso now finished. Argentina is expecting moderate to heavy showers this week, but southern Brazil is expected to stay drier to the benefit of harvest and ship loading. U.S. export business continues to slow as Brazil's shipments pick up. Monday morning, USDA said 21.8 million bushels of soybeans were inspected last week, down from 29.0 million bushels the prior week. Noncommercial traders dialed back on net-long positions for a fifth consecutive week as of March 21, but remain modestly bullish with 70,957 contracts net long. Trading is apt to be quieter this week ahead of Friday's Grain Stocks and Prospective Planting reports and fighting the bearish trend will likely remain difficult. DTN's National Soybean Index closed at $8.99 Friday, priced 77 cents below the May contract and at its lowest price in five months.

Wheat:

May Chicago wheat closed down 4 cents and May Kansas City wheat was down 6 3/4 cents, both pressured by moderate to heavy rains in this week's forecast for nearly all the central and Southern U.S. Plains. In addition, this week's temperatures are expected to stay safely warm, looking more like wheat will be able to escape much of the threat of this year's early arrival of spring. Along with more moisture and falling prices, Friday's CFTC data showed noncommercial traders in K.C. wheat cutting back net longs for a third consecutive week, adding to selling pressure. May K.C. wheat continues to trend lower with bearish pressure coming from large domestic supplies and this latest turn toward wetter weather. DTN's National SRW index closed at $3.82 Friday, priced 43 cents below the May contract and near its lowest price in seven weeks. DTN's National HRW index closed at $3.37 and is also near its lowest price in seven weeks.

Todd Hultman can be reached at todd.hultman@dtn.com

Follow Todd Hultman on Twitter @ToddHultman1

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