March 10, 2016
Producer Marketing Manager
CORN: As of 7:45 – Down 1
USDA WASDE report was out yesterday and as most expected, it provided us with no changes to the March balance sheet on corn. Carryout remains at 1.837 billion bushels. Also on yesterday’s USDA WASDE report showed a 2.1 MMT draw-down in 15/16 world coarse grain stocks while the trade was expecting a slight increase. Export sales out this morning were decent at 46.2 mbu, which was at the upper end of trade expectations (31-47).
SOYBEANS: As of 7:45 – down 3-4
The soybean balance sheet changed just slightly as crush was lowered by 10 mbu, seed was increased by 4, and the residual bucket was lowered by 5…….tally all those up and ending stocks increased by 10 mbu at 460 mbu. World soybean meal demand remains strong. Wednesday’s USDA WASDE report increased foreign soybean meal demand by 910,000 MT (mostly China) and is now 7.8% higher compared to last year. Weekly export sales this morning were toward the lower end of expectations at 17.5 mbu.
WHEAT: As of 7:45 – Mpls steady, KC down 3-4
The “all wheat” balance sheet that was released yesterday was as exciting as corn……not a single line item change. When we look at the different wheat classes we see that HRW exports were increased by 10 mbu, HRS exports were decreased by 10 mbu. We are still looking at large stocks to use ratios on all classes of wheat. Wheat export sales this morning were “middle of the road” at 12.1 mbu compared to expectations of 7-18 mbu.