Grain Marketing Specialist
Corn: As of 7:45- 1 lower
Good export sales kept corn in the black for the 3rd straight session. We are currently trending ahead of pace to meet USDA expected exports but we a have large SA crop lingering which could put a cap on business down the road. Sounds like another case of bird flu as well but looks ultimately unlikely to affect feed use overall.
Soybeans: As of 7:45- 3 lower
Export sales on low end of expectation helped keep a lid on things for the day as the announcement of a 120,000 MT sold to unknown for 16/17 fought to keep us in the black to stop an 8-day skid. Meal sales yesterday looked impressive but posted a net cancellation. NC bean/corn ratio at 2.57 as we move into the much-anticipated Mar 31st intention report.
Wheat: As of 7:45- steady to 1 lower
Export sales yesterday a little disappointing but we did announce a sale of 120,000 MT to Algeria for 16/17 and couple that with continued concerns about HRW and SRW production kept us positive. Minneapolis led the way higher with concern about North Dakota plantings. Heavy snow pack could lead to saturated ground limiting HRS acreage and when you break down wheat stocks much of our ending stocks are HRW. Moisture working into the longer term forecast in the south but it has yet to hit the ground.