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. Ethanol Production numbers out this A.M.
Corn Unchanged as of 7:45
May corn ended the day Tuesday on the high of the day, up 2 ½ cents at $3.73 busting through the 200 day moving average of $3.71. The average trade guess is for the 2016 US corn acreage to be at 90.047 million acres, the range of estimates is 89-91.5 million. There was an announcement yesterday from the Chinese government to end their corn stock-piling program and replace it with more subsidies to farmers. The new program is supposed to begin in October.
Beans Down 1 as of 7:45
Beans posted a 7 cent gain yesterday triggered by another good day for bean oil. Yesterdays close was the highest close for 2016 in the May contract. Funds were estimated buyers of over 8000 contracts yesterday. November beans closed at their highest close since August at $9.2850.
Dr. Michael Cordonnier has raised his Argentinian production estimate to 60.5 mmt, up 500tmt, he also pegged Brazil harvest at 67% complete.
Wheat Minneapolis Spring Unchanged Kansas City Winter Down 3 as of 7:45
Minneapolis Spring Wheat ended the day up 4 ¼ cents and Kansas City Winter Wheat Up 4 ¾ cents. lifted by commercial buying and ongoing concerns of dryness in the southwestern Plains. Dryness in the Southern Plains has had its effect on the market but it is still early in the season and there have been no problems reported outside of the US. Despite dry conditions in Kansas 57% of the Winter Wheat crop is said to be in good to excellent condition and 30% of the crop is jointed.