March 3, 2015
Producer Marketing Manager
CORN: As of 7:45 – Up 2
Export inspections released yesterday showed 50.4 million bushels of corn loaded. This was higher than last week’s tally of 35.8 and higher than the expected range of 30-35 million bushels. USDA’s 1.75 billion bushel export forecast continues to look attainable. Unshipped corn sales look to be declining…..Key consuming markets to watch with respect to future corn purchases include Japan, S Korea and Africa.
SOYBEANS: As of 7:45 – Down 4
Soybeans started off the month of March in a defensive mode, giving back most of last week’s gains. Weekly export inspections on soybeans were a little lighter than expected at 23.3 million bushels (28-37 expected). Argentina soybean exports jumped 8 to 21 million bushels, right in line with last year. Even after last week’s trucker strike, Brazilian harvest continues to pick up steam (estimated to be 29% complete).
WHEAT: As of 7:45 – Up 2
Export inspections on wheat were towards the upper end of expectations at 16.5 million bushels (12-17 expected). We need to see those weekly numbers in the 20’s per week to hit USDA projections. Around the world, the market is watching Russian winterkill concerns……French wheat is rated good…..and Australia picked up some rains over the weekend.