March 9, 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 today at 11 am.
Upside potential, for now, remains under pressure due to good growing conditions in South America. Ethanol production also dropped, last week, from 1.034 million barrels a day to 1.022 million barrels. No major changes in US carryout are expected today, but most believe that there will be an increase in the world stocks. The only thing that keeps this market from falling out of bed is demand. Let’s pray it stays that way! Export sales, released this morning, came in at a total of 32.9 million bushels. This was in line with expectations. Corn still holding support at its 50-day moving average at $3.72 for May and $3.91 for December, respectfully.
Soybeans: 5 lower
Changing weather forecasts now showing the potential for a good harvest push in Brazil. Expectations also suggest that USDA will raise Brazil’s soybean crop up 2 mmt to 106.1 mmt. Some private groups think that estimate could go as high as 109 mmt. Like corn, demand still is keeping the soybean markets steady. Export sales, released this morning, showed almost 19 million bushels sold. This was in line with trade expectations. Support is around $10.12 and $10.10 for May and November futures respectfully.
Wheat: MPLS 2 higher. KC 2 lower
Wheat is following the other markets lower as traders wait for today’s report. US numbers are not expected to change, but most are thinking there will be an increase in world stocks. All wheat export sales, released this morning, came in about 4 million bushels higher than last week.