April 4, 2016
Grain Marketing Specialist
Corn: 2-3 lower
Corn prices remain under pressure from last week’s USDA Report. On Friday, USDA reported 420.8 million bushels used for ethanol in February. This was more than expected. Export inspections out later today and are expected to be unexceptional. Don’t expect any big rallies in corn.
Soybeans: 1-2 higher
Technically speaking all things are bullish as the soybean complex continues its move to futures levels not seen since October 2015. February crush numbers, reported by the USDA, were at 154.6 million for the month. This was a little less than expected. Export inspections out later this morning and are expected to show a decrease in demand.
Wheat: 1-3 lower
Wheat trade is lower this morning as traders wait for the first Crop Progress report of the season and decipher dry weather reports over the Plains. Today’s Crop Progress Report is expected to have a slight decline from the 55% good to excellent reported last November. 6-10 and 8-14 day weather forecasts do show some moisture coming back to the Plains.