By Glen Hallick, MarketsFarm
WINNIPEG, March 26 (MarketsFarm) – SOYBEAN futures at the Chicago Board of Trade were weaker on Tuesday.
As United States/China trade talks are set to get underway on Thursday, there are now indications that U.S. President Donald Trump will take a harder line against China. With the Mueller report no longer such a distraction for the president, he could delay a final agreement past the end of April, on the pretext of getting a better deal.
According to the March 1 grain stocks, U.S. soybeans are estimated at 2.68 billion bushels, down from 3.74 billion bushels in December.
In another acreage estimate, soybeans have been pegged at 86.2 million acres for 2019, down 3.4 per cent from last year.
CORN futures were weaker on Tuesday, as flooding in the U.S. has continued to make grain transportation difficult. The moderate to severe flooding could see U.S. farmers switch their planting intentions from corn to soybeans.
Stocks of U.S corn were estimated at 8.34 billion bushels, down from 11.95 billion bushels in December.
U.S. corn acres were estimated at 93.3 million acres for 2019, down 4.7 per cent from 2018.
WHEAT futures were also weaker on Tuesday. U.S. wheat stocks stood at 1.56 billion bushels for March 1, down from two billion bushels in December.
Wheat acres have estimated at 46.9 million acres for this year, as compared to 47.80 million acres in 2018.
Wheat crop conditions ranged from 74 per cent good to excellent in Oklahoma, 68 per cent good excellent in Colorado, 52 per cent in Kansas, and 39 per cent good to excellent in Texas.