March 8, 2017
Grain Marketing Specialist
Wheat Growers will be hosting multiple Marketing Meetings from the 13th to the 15th of March. Call your local Grain Marketing Specialist to RSVP by March 9th.
Monthly WASDE Report out tomorrow at 11 am. Here is a quick look at expectations.
Corn: 1 lower
Corn moved lower yesterday and managed to close below the 20-day moving average. There is still some support at the 50-day moving average (black line), and I would suspect that we will probably see this market touch that as well. Upside potential, for now, remains limited due to good growing conditions in South America. The only good news, for corn, is that there is demand out there. It was reported, yesterday, that 4.7 million bushels were sold to unknown destinations for the 2016/17 marketing year. US corn shipments are also up 68% from this time last year. We still have some ways to go as we whittle at our large carryout.
Soybeans: 3 lower
It was reported that Brazil is 47% complete with soybean harvest. This is up 6% from a year ago. This news cause US soybean market to react negatively. We can also see that most think the USDA will raise Brazil’s soybean crop up 2mmt to 106.1mmt. Some private groups think that estimate could go as high as 109mmt. Like corn, demand still is keeping the soybean markets steady and support is around $10.25 and $10.10 for May and November futures respectfully.
Wheat: MPLS 3 lower. KC 1 lower
Wheat managed a small comeback yesterday over concerns of dry and windy conditions in Kansas. NASS did report good-to-excellent rating for Kansas, Oklahoma and Texas at 43%, 43% and 34%. This is down from last year. The only thing keeping wheat from running higher is that we still have a lot to use here in the US.