Grain Marketing Specialist
Corn: As of 7:45- 2 higher
Another day of light news as we edge closer to the Mar 31st reports. This market had a hard time staying in the black once a firm dollar and weaker crude took over. Export sales yesterday at 502 tmt below expectations. Sorghum exports at 182 tmt which pushes commitments past USDA projections for the year. New crop corn bean ratio currently at 2.37 showing little movement over the last couple of sessions. Dec 15 corn seems content to trade just north and south of that psychological $4 mark for now.
Soybeans: As of 7:45- unchanged
The Brazilian real remains weak and the US dollar remains firm. That along with ample US and World stocks seems to be keeps this market in check. Talk of line ups in SA are surfacing but they do seem to be better than a year ago. Informa will release planting estimates at 10:30 cst this morning. Export sales yesterday at 342 which were in line with expectations.
Wheat: As of 7:45- 6-7 higher
Wheat seems to have found some footing for now as concerns about dryness and frost damage supports this market. I have attached the most current drought map below. Light rains have fallen over Kansas, Oklahoma and parts of Texas but were on the disappointing side. Export sales yesterday at 392 tmt. Ultimately there is plenty of wheat domestically and globally, this may be an opportunity more so than breakout to the upside. Stay tuned….