Grain Marketing Specialist
Corn: As of 7:45- 1 lower
The corn market traded stronger the bulk of the session yesterday on spillover strength the bean market before settling unchanged for the day. The market will look to balance weather, crop conditions, exports and tomorrows highly anticipated USDA acreage stock report release at 11 cst. Ave. trade estimates for corn are 92.8 down from the March intention estimate of 93.6. The eastern belt has seen some precip over the last week as much of in the west are looking for some much needed rain. 6-10 show some relief but also calls for above ave. temps.
Soybeans: As of 7:45- 8 lower
Weather continued to add some risk premium back into the bean complex yesterday as dry conditions, primarily in the west, are garnering concern. Much like the corn market we will likely look for direction from tomorrow’s USDA report. Ave acreage estimate at 83.9 up from the March intention estimate of 82.2.
Wheat: As of 7:45- steady to 1 higher
Can’t seem to catch a break…. Harvest continues to push north with generally good yields and quality. Spring wheat ratings look to decline in the north as hot/dry conditions have taken a toll in crucial filling time. Export sales, acreage and stocks reports will all be watched closely tomorrow. Ave estimate for tomorrow have all wheat acres at 49.869 up from March estimates of 49.599.