March 8, 2016
Producer Marketing Manager
Signup for the 2016 Market Base Builder Program is underway! Check with your nearest Grain Marketing Specialist to find out how to enroll some of your New Crop 2016 bushels of Corn, Soybeans, or Spring Wheat. Pricing starts March 17th……deadline to enroll is March 16th!!!
CORN: As of 7:00 – Down 2
Export inspections were out yesterday at 37.5 million bushels, just under the 41.5 pace we need to see to hit USDA’s 1.65 billion bushels. Corn was higher yesterday, but off of session highs and looks like we are seeing follow through weakness this am. USDA March S&D Report is out tomorrow.
SOYBEANS: As of 7:00 – Down 3
Beans held positive gains yesterday, just barely holding the 100 day moving average of 8.81, however the screen is all red this morning across most commodities......nearby support looks to be a nickel below current market price at $8.73 (20 day Moving Avg). Export inspections yesterday were at 39.2 million bushels which was toward the upper end of expectations. Only 9.7 of that 39.2 was loaded out of the PNW……that program is about wrapped up as S American takes center stage in shipping.
WHEAT: As of 7:00 – Down 2
Wheat export inspections were at the upper end of the range of expectations as well at 16.3 million bushels, nearly split evenly between HRS, HRW, and Soft White. Like soybeans, the wheat exchanges closed higher but well off their session highs for the day.