Grain Marketing Specialist
Wheat Growers Winter Marketing Meetings featuring Advanced Trading (ATI) are coming up. Speak with your nearest Grain Marketing Specialist to RSVP.
Corn Up 2 as of 7:45
On-going pressure from favorable crop conditions in South America held corn back yesterday as May corn closed down 2 ½ cents. Second corn planting in Mato Grosso Brazil is reported at 79% completed. The seven day forecast shows light to moderate favorable moisture in both Brazil and Argentina. Export inspections out Monday said that 57.5 million bushels of US corn was inspected for export last week, a bullish number.
Beans Up 9 as of 7:45
May beans closed the day Monday down 2 ¼ cents and November beans closed down ¾ cents.
Brazilian harvest should move past the 1/3 completed point this week and production expectations have not seen any decrease. Southern Argentina received beneficial rains where conditions were getting dry over the weekend. Export inspections were reported at 25.9 million bushels down from last weeks inspection number of 39.6 million bushels, inspection numbers still remain up 12% from last year at this time.
Wheat Minneapolis Up 3 and Kansas city up 2 as of 7:45
May Minneapolis Spring Wheat closed the day yesterday down 5 ½ cents and Kansas City Winter Wheat closed the day down 10 cents in the May futures contract. Wheat weekly export inspections were 19.8 million bushels for the week ending Feb. 23. This is above 14.2 million bushels for the same week a year ago. This weeks weather looks to be milder and mostly dry a small concern this early in the season but not significant enough to out-weigh a plentiful U.S. wheat supply.