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
May corn closed the day ½ cent higher yesterday at $3.7050 with little fresh news ahead of Thursday Planting Intentions report. Brazil corn harvest is said to be around 70% complete versus 54% last year at this time. Argentina Ag Minister raised crop estimate from 33.8 mmt to 37 mmt. Corn posted strong export inspection numbers again this week at 38.5 million bushels, the 3rd best number of the year.
Beans- Unchanged as of 7:45
May soybeans finished a little lower Monday down 1 ½ cents at $9.09 in the May contract, but are staying near their highest prices of 2016 in front of Thursday's USDA reports. Brazil soybean harvest is posted at 67% completed. Brazil soybean production number remains at 100 mmt.
Wheat- Minneapolis Spring Up 3 Kansas City Winter Up 4 as of 7:45
Wheat posted slight gains yesterday with support from ongoing weather concerns after cold weather in the U.S., and potential for a cold snap in Russia. Plains weather is expected to remain fairly dry as well. World supplies remain abundant which will limit potential rallies until more export business returns to the U.S. It is now reported that Egypt will have enough supply to last them until the beginning of July.