Grain Marketing Specialist
Corn Down 3 ¼ as of 7:45
May corn ended the day down in the red yesterday posting a new contract low of $3.5150, down 15 ½ cents on the day. Yesterday’s USDA Grain Stocks and Planting Intentions report put March 1 corn stocks at 7.808 billion bushels which was slightly less than the pre- report predictions. The biggest news of the day came with the USDA’s corn acreage prediction, coming in at 93.6 million acres, more than 2 million acres than thought pre-report. Weekly export sales on corn came back at 31.1 million bushels, which was on the low end of expectations.
Beans Up 1 ¾ as of 7:45
Beans kept their head above water yesterday to post positive gains after being down around 12 cents at one point during trade. The May contract ended the day up 1 ¾ cents at $9.1075. Yesterday’s report came back at 82.2 million acres of beans this year, which was below the average expectation of 83 million. March 1 bean stocks also came in less than expected at 1.531 billion bushels. Weekly export sales were 10 million bushels, which was the 3rd lowest sale of the year. Beans continue to gain strength from the “real” due to political problems in Brazil.
Wheat Minneapolis and Kansas City both down 4 ½ as of 7:45
May Minneapolis SW posted the biggest positive gain yesterday to close the session up 14 ¼ cents at $5.2925. May Kansas City Winter Wheat gained back 10 ½ cents of the 16 cents lost during Wednesdays trade. Yesterday’s USDA report put total wheat planting at 49.6 million acres which was less than expected and the smallest since 1970. USDA also pegged March 1 wheat stocks at 1.37 billion bushels, which was more than expected and the most in five years. Export sales came back at 11.7 million bushels a bearish number that puts exports down 16 % from last year.
Have a great weekend!!