Morning Market Insight
Grain Marketing Specialist
Market Base Builder Deadline is March 31ST contact your local Grain Marketing Specialist for more details!
Corn as of 7:45: Down 1
Another down day yesterday closing down 2 with early grain trade trending down again this morning. Argentina corn crop production estimate is unchanged at 37.0 MMT. Argentina Corn harvest nationwide is 10% complete vs. 5% last year with early trends coming in better than expected. Per USDA; Louisiana was 35% planted this week vs. 23% on average, Arkansas 1% planted vs. 0% on average, and Texas 31% planted vs. 27% on average. Mississippi is lagging @ 4% this week vs. 6% on average. Forecast show favorable weather pattern for Brazilian safrinha 2nd crop corn.
Beans as of 7:45: Down 2
Yesterday beans were able to close up 2 on the day nearby. 4 out of 5 of the USDA’s March 31 soybean planting intentions have been below the average trade guess. Argentina soybean estimate was left unchanged at 55.0 MMT. Argentina beans are in the pod filling stage with adequate moisture. Canadian soybean acres are forecast to rise 8 percent in 2017.Chinese bean interest starting to shift to South America. JCI reports February was a record crush month for China.
Wheat as of 7:45: MW- Down 1 KW- Down 4
Another tough day for the wheats as Minneapolis closed down 10 and Kansas City off 7. Rains forecasted for across the plains has wheat on the retreat. Turkey the 2nd largest importer of Russian wheat vows to stop buying Russian sourced wheat. Wheat across most of the EU remains in good condition as spring begins.