April 1, 2015
Grain Marketing Specialist
Markets are closed Friday, April 3rd.
Corn as of 7:45- unchanged
The report yesterday showed large corn stocks and higher than anticipated acres, which weighed on futures. Stocks came in at 7.745 billion bushels, 135 million above the trade guess. Acres came in at 89.2 million, almost 500,000 acres above the estimate. With the new information and 165 yield, stocks could remain near 2 billion bushels next year. Weather in the Southeastern US remains wet and has delayed corn planting. Louisiana corn plantings 16% completed vs 81% average. Arkansas only 2% planted vs 28% average. Mississippi 4% vs 39% average.
Soybeans as of 7:45 – up 6
Had a variable session yesterday after the report. Prospective plantings came in at 84.6 million acres, 1.3 million below trade estimate (still a record on bean acres). Stocks showed 1.334 billion bushels, 12 million below the trade estimate. Brazilian soybean areas are forecast for mostly dry weather the next few days. Soybean harvest is about 70% complete in Brazil.
Wheat as of 7:45 – MW-down 1 , KC-down 2
Values falling after yesterday’s rally. US estimating all wheat plantings at 55.4 million acres, 400,000 acres below the trade estimates. Stocks came out at 1.124 billion bushels, 17 million above the estimate. Winter wheat conditions weakening but Oklahoma, Kansas and Texas still well above a year ago.