March 7, 2017
Grain Marketing Specialist
Corn: 1 lower
Export inspections, reported yesterday at 56.9 million bushels, were good and seen as keeping pace with USDA projections. This, however, did not push corn in a positive way as we closed lower. The corn is looking for news, as we got to experience last week, otherwise we are going to continue this trek we are on. Some things to note; there is decent precipitation in the eastern mid-west. Brazil’s second corn crop is expected to be big, and noncommercial traders, as of February 28th, are sitting at 194,441 contracts long. May and Dec corn are continuing to find support at their 20-day moving averages of $3.78 and $3.96 respectfully.
Soybeans: 4 lower
Export inspections, reported yesterday, were at 36.3 million bushels. This was bullish news, and did see some reaction in the soybean complex before closing the day down ¼ cent. Precipitation is projected for Brazil, with heavier amounts in the south. This may disrupt harvest progress. Just like the corn, we are looking for news. Soybeans are still holding their sideways trek, which is in total defiance of expectations! This is a good time for some sales.
Wheat: MPLS steady. KC 2 lower
Wheat managed a positive close based on dry and warm conditions in the southern Plains, along with a neutral export inspection number of 19.7 million bushels. US supplies will still be a burden as we move forward.