Grain Marketing Specialist
Corn: As of 7:45- unchanged
A firm dollar and lack of other fresh news had corn on the defensive Friday. Talk of Brazilian corn working into the US helped fuel the move as well. It appears that the trade will be anxiously awaiting the release of USDA’s prospective plantings and quarterly stock report Mar 31st. Stay tuned… Technically we did break the range lower we have been in since Feb 4th with the next level of support at 3.73 ¾ .
Soybeans: As of 7:45- unchanged
The collapse of the Brazilian Real and the firm US dollar pushed this market lower on Friday. The US dollar is at levels we have not seen since 2003. Many think we will see an increase in soybean acres this season adding to an already ample stock situation. H5N2 bird flu could affect meal usage. NOPA crush release today expected to be 148.537 mbu for Feb. Technically this market remains on the defensive with support at 9.61 ¾ and 9.33 ½ .
Wheat: As of 7:45- 1 lower
Wheat spent most of the week last week in positive territory until Friday before it succumb to the same pressures as row crops. There is continued concern about the HRW crop as the southern areas in particular could use moisture. There looks to be little in the immediately forecast. Unseasonably warm weather has prompted fear that a cold snap could cause frost damage as well.