Morning Market Insight
Grain Marketing Specialist
Happy First Day of Spring!!
Market Base Builder Deadline is March 31ST contact your local Grain Marketing Specialist or more details!
Corn as of 7:45: Up 2
May corn closed higher Friday @ 3.84 ¼ 4 cents higher than one year ago. Corn Sees a penny and a half trading range overnight. Argentina corn harvest pegged around 10% with early yield indicators better than average crop so far. Brazil 2nd crop corn 96%planted. US corn price remains attractive and we still should see some good export business. Export Inspections to be released at 10 AM; Corn, 43.5 mbu needed; 60.9 last week. Milo, 3.7 needed; 5.6 last week. Brazil ethanol import tax may increase thus hurting US ethanol exports.
Beans as of 7:45: Up 4
November 2017 soybean futures on Friday closed at $9.93 84 cents higher than one year ago. November beans see a 5 cent trading range overnight. US beans are priced competitively enough that we still are picking up decent export business as brazil has logistic issues. Brazil is roughly two-thirds the way through a record soybean harvest of 108.0 mmt. Brazil weather forecast looks favorable for harvest and moving grain as the forecast is mostly dry across central Brazil. Export Inspections to be released at 10 AM Soybeans, 14.9 mbu needed; 24.1 last week.
Wheat as of 7:45: MW-Up 3 KW Unchanged
Both sides of wheat see a 5 cent trading range overnight. Southern Plains saw a dry, windy weekend with temperatures in the 80s and 90s. Drought monitor does show patches of dry or droughty conditions covering most of the areas where winter wheat crops are growing. If prices don’t hold look for more abandonment of spring wheat acres. Turkey dropped Russia as a country of origin for wheat imports. Export Inspections to be released at 10 AM: Wheat, 24.1 needed; 19.1 last week.