February 29, 2016
Grain Marketing Specialist
Corn: Up 2
Rain is forecast for the next 11-15 days in north central Brazil, which will slow field work, but improve the safrinha corn. China is expected to cut its domestic state corn prices in March before planting starts in April. USDA outlook conference last week predicted a 1.977-billion-bushel carryout for next year. Commitments of traders reports showed funds short 182k corn contracts.
Soybeans: Down 1
Export Inspections released at 10 AM; 11.7 needed; 56.3 last week. Commitments of traders report shows funds short 81k soybeans contracts. Argentina saw excess rain in central and eastern soybean areas over the weekend, and more chances are on the way in the 11-15 day forecast.
Wheat: Up 4
The Southern Plans are looking at dry weather for another week, but 6-10 outlook has rains in the forecast. US wheat acres are expected to be at their lowest level since 1970. Russia Ag Minister said there is no reason to change the export duty on wheat.