March 15, 2016
Grain Marketing Specialist
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: 1-5 Lower
Corn continued its upside momentum with May closing around 3 ¾ and Dec at 4 ¼. We did gap higher on the open so hopefully we can stay about the 3.65 mark. Yesterday’s momentum did not spill in the overnight as we slipped downward on profit taking. Export inspection came in around 805tmt which is about the middle of mid-range estimates. Corn in Texas is 20% planted, 2 percentage points ahead of the five-year average
Soy Complex and a quiet day with May closing unchanged, Nov closing up fractionally. Meal market was down 2 on the May contract. As with corn, after seeing three month highs yesterday, beans lost its surge higher in the overnight session on profit taking as well. Export inspections came in on the lower end of estimates at 715tmt. NOPA soybean crush numbers for February come out today at 11:00 a.m. CT. The average estimate for crush is 138.8 million bushels compared to 147 million last year and 150.5 million last month. The average estimate for soybean oil stocks is 1.551 billion pounds up from 1.526 billion in January.
Wheat: 2-5 Higher
Wheat market was leader for change today with concern over weather as the plains area was hot and dry but with reports of temps dipping down in the 20’s overnight by the weekend. On the overnight sessions we saw a mixed reaction for wheat classes, as Minny saw positive gains but both KC and Chicago was down. Inspection report came in the middle at 406tmt. Kansas winter wheat is 6% jointed, 4 percentage points ahead of the five-year average, and conditions were unchanged at 56% good excellent. Texas winter wheat is rated 46% good/excellent, up 4 percentage points from last week. Winter wheat in Oklahoma is 10% jointed, 14 percentage points behind the five-year average, and conditions increased 1 percentage point to 67% good/excellent.