March 4, 2016
Grain Marketing Specialist
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Corn: Up 3
Corn is higher this morning after coming in ¼ cent of contract lows yesterday. Some weather models are pushing back the idea of a quick transition from El Nino to La Nina, meaning a more favorable growing season this summer in the US. 15/16 export commitments remain 22% behind last year’s pace.
Soybeans: Up 10
Brazil’s stock market is sharply higher this morning on possible impeachment of the current president. Short covering helped support the market yesterday and continues this morning. 15/16 export pace is 8% behind last year, but outstanding sales are 30% behind last year at this time. Weather still remains good in South America as harvest continues with yields being better than expected.
Wheat: MW UP 4, KC Up 2
Drier weather risk in the HRW area led to short covering in yesterday’s higher market and is carrying over this morning (see drought map below). Unseasonably warm temperatures which have run 5 to 15 degrees above average the last 30 days, have stimulated some wheat to break dormancy. Wheat development is about 4 weeks ahead of schedule; there is a high probability of a hard freeze until the end of March.