Grain Marketing Specialist
Stocks and Prospective Plantings report out tomorrow at 11:00 AM
Corn as of 7:45-unchanged
Corn market traded sideways overnight with not much news. Waiting for the important Grain Stocks and Prospective Plantings report tomorrow. Export inspections will release at 10 AM, 41.5 needed; 39.2 last week. Milo—3.8 needed; 9.5 last week. Hog numbers up 7.2 percents from last year with cattle unchanged, resulting in more feed demand.
Soybeans as of 7:45-down 1
Beans traded up most of the night, but fell back to near unchanged this morning. Waiting for report out tomorrow. The March 1st soybean stocks average estimate comes in at 1.348 billion bushels. The range is 1.250-1.413 billion bushels, at the same time last year stocks were 994 million bushels. This year’s planted acreage estimate is 85.950 million acres, with a range from 83.100-88.000 million acres. Last year acreage totaled 83.701 million acres.
Wheat as of 7:45-MW-up 3, KC-up 5
Weather remains dry for HRW areas in the US near term, will need some rain some soon. U.S. wheat stocks are estimated at 1.141 billion bushels, with a range between 1.083-1.200 billion bushels. Last year March 1, wheat stocks totaled 1.057 billion bushels. Wheat stocks are expected to be higher than last year in Tuesday’s stocks report. Less exports and less wheat feeding are the main reasons for this expectation.