Morning Market Insight
Grain Marketing Specialist
Next Tuesday’s March 31st stocks and acreage is one of the more significant USDA reports of the year and it has a history of being a market mover with limit moves. Do you have your targets in place? Worried about this report? Talk to your local grain marketing specialist about our Minimum Price Contracts and how they can limit your risk!
Corn as of 7:45- Down 1
AgroConsult estimates Brazil corn production at 79.4mmt, up slightly from their previous estimate while the USDA is estimating 75mmt.Brazil harvest sits at 44% complete. Export sales released today with estimates at 400 to 600tmt. Ethanol grind: 953,000 barrels per day for week end March 20--up 6 thou vs. last week and 7.7% higher vs. last year.
Beans as of 7:45- Down 3
Brazil harvest at 60% complete with Argentina just getting harvest started at 5% complete. Argentina sees high yields offsetting any flood damage areas. Argentina AgMin estimates a 58mmt bean crop. Previous Argentina record production was 53.4mmt. Congestion in Brazil ports may lead to switching some boats to the US. Trade expects soybeans exports this morning to be , 4 to 11 mbu; soymeal, 50-150; soyoil, 0-20
Wheat as if 7:45-MW Up3 KC Unchanged
Regions of Kansas miss rains while parts of Oklahoma and Texas received heavy storms overnight. South Korea bought 50tmt optional origin feed wheat. Black Sea regions get busy with field work. Export Sales to be released today. Trade expects 7-15 mbu for all wheat.