Grain Marketing Specialist
Contact you nearest Grain Marketing Specialist to get your old and new crop targets in place for the Planting Intentions Report this Thursday March 31st at 11 A.M.
Corn Down 1 ½ as of 7:45
The corn market continues to trade on little to no fresh news, last weeks trading range was only 6.25 cents with corn posting a 1.5 cent increase. Export inspections continue to remain impressive averaging just under 1 million tons in the last three weeks. Wednesdays Ethanol Production numbers came back at 995k barrels per day down 4k barrels from last week but still hanging close to all- time high levels. Ahead of Thursdays Planting intentions report many look for around 90 million acres of corn going in the ground this year, up about 2 to 2.5 % from last year.
Beans Unchanged as of 7:45
Soybeans were the front runner of grain this past week gaining 13 cents in the May and November contracts. Fund short covering helped pave the way for last weeks gains even despite a higher dollar all four days last week. Impressive Bean meal export numbers helped support beans on Thursday to gain back the nickel that they lost on Wednesday. Thursdays planting intentions report guess is around 82.2 millions acres of beans, but with beans recent gains above corn some believe we may see an increase to that number.
Wheat Minneapolis Spring Wheat Up 1 Kansas City Winter Wheat Up 2 as of 7:45
Colder temperatures in the southern plains added a little bit of bullish hope into the market early in the week. The market waited to see what the extent of the freeze damage was to find out it was not as bad as initially thought. Crop conditions reported that only 20% of the Kansas crop was in the jointed stage. Egypt has tendered for wheat again and ended up buying 60tmt of French wheat Thursday with not many offers due to their ergot regulations and recent issues, US wheat remains uncompetitive due to our strong dollar.