Morning Market Insight
Grain Marketing Specialist
Market Base Builder Deadline is March 31ST contact your local Grain Marketing Specialist for more details!
Get your targets working for this spring before spring work begins!!
Corn as of 7:45: Unchanged
Corn finished lower again yesterday down 2 for the session closing at $3.56¾ its lowest levels since December 30th of last year, breaking through the 100 day continuous moving average. Later planted corn in Argentina is in the process of filling grain and is rated in very good condition. Loss of Brazils broiler project could free up an estimated 415 mbu of corn for export and/or stock building. Year to date export sales are running 50% ahead of last year over 80% of current USDA export forecasts.
Beans as of 7:45: Down 6
May beans ended the day off 8 ¾ cents yesterday closing at 9.91 the lowest levels seen since October. Brazil export broiler market consumes about 3.9 MMT of soybean meal which is shrinking fast with meat bans from most countries. Export sales of soymeal of 134,300 MT were 49% below the 4-week average and down 71% vs. last year’s 468.7. Most of the Argentina farmers expecting great yields.
Wheat as of 7:45: MW- Unchanged KW- Up 2
MW closed down ¾ of a cent yesterday as KW fell off 4 ½ cents to finish of the day. According to Planalytics they forecast winter wheat yields drop 12% this year or 7.1 bushels per acre. Forecast for HRW areas light rains throughout the weekend and a more long term forecast for above normal rains.Exports of all wheat was up 17% vs. the 4-week average and up 13% vs. last year’s 13.6.
As temperatures rise so does the question on grain bin quality! Don’t leave it to chance schedule a visit from our Bin Probe truck today!
The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.