March 16, 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: 2-5 Lower
Corn had a very quiet trading yesterday, but stayed above the gap higher it made on Monday. We were lower on the overnight on all contract months. The Ukraine remains a player in the export market as they continue to ship corn into China. Ethanol number will be released today, but the word is there is a large stocks out there taken up space, causing a shortage for fuel. Some southern areas are remain wet from recent rains they expect some replant acres.
Soybeans: 2-5 Lower
Beans has a mixed reaction to yesterday NOPA crush numbers, also a decline in the Brazilian Real reducing the recent support. The momentum continued into the overnight as we saw most contract months down 4. NOPA said that the US crushed 146.2 million bushels of soybeans in February, down 4.3 million from last month and down 0.8 million year-over-year. World supplies continue to grow as Brazil is half done with harvest.
Wheat had some early pressure yesterday but pulled itself up and recovered most of what it lost by the close. As of the beginning of the month Ukraine was 8% planted for spring crops which includes 3% for spring wheat. KC seems to run into a resistance point of 4.89. The question remains is the market overbought as we inch towards 1.0bb carryout.