Grain Marketing Specialist
March 31st Planting Intentions Report out TODAY at 11 A.M., this report has been a big market mover in the past, and will set the tone for the next few months as we begin spring planting. Contact your nearest Grain Marketing Specialist to get your targets in place. Export sales out this morning as well.
Corn Unchanged as of 7:45
The May corn contract lost 6 cents yesterday to close out the session at $3.67, as traders get in position for todays report. Corn acres are expected to come in at around 90 million acres, up 2 million acres from last year. The March 1st Corn stocks are expected to be at 7.822 billion bushels vs. 7.75 billion last year, possibly the largest in 20 years. Ethanol Production was down to 992k barrels per day, a 3k barrel per day decrease. Production is still at record levels for this time of the year, and still near the all-time highs. Ethanol stocks increased 500k barrels to 23 million barrels.
Beans Unchanged as of 7:45
Profit taking and pre report positioning pushed beans lower on Wednesday. The May contract ended the day down 7 at $9.09, while November ended the day down 5 ½ at $9.23. Beans have been supported by rising palm oil prices, that took a decline Wednesday that was the biggest in three weeks, and a higher ‘real” (Brazilian currency) due to political problems. Fund buying has played into the upward trend that we have seen this month as well. Beans have had a great month of March but we also have to throw 100mmt of Brazilian beans on their way into the market. In front of today’s report USDA’s acreage estimate for beans is between 82 and 84 million. March 1st Bean stocks are predicted to be at 1.57 billion bushels.
Wheat Minneapolis Spring & Kansas City Winter Unchanged as of 7:45
May Minneapolis Spring Wheat ended the day yesterday down 7 cents at $5.1525, while May Kansas City Winter Wheat took a beating and ended the day down 16 cents at $4.6575. Improving moisture forecast for dry regions of the southern plains played into the wheat markets Wednesday. Average trade guess for all wheat planting in front of today’s report is 51.7 million acres down from 54.36 last year. Average trade estimate for March 1st wheat stocks is 1.354 billion bushels vs 1.14 billion bushels last year. Crop conditions rates for all major U.S. winter wheat producing states is due April 4th. Keep an eye out for those reports starting next week.