March 27, 2017
Grain Marketing Specialist
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The USDA Prospective Plantings and Quarterly Grain Stocks reports will be released Friday, at 11:00am CT.
Corn: Down 2
Corn was able gain a little back on the overnight as we saw most contracts up a penny. Corn was able to distance itself from the melt down last Friday that beans were in as we only say the market fall ½ cent. With Friday’s report, upcoming on Friday we should see the market stay very cautious until then. Right now, current estimates are reported to be around 90.9 million acres.
Soybeans: Down 2-5
Beans exited last week on a sour note which has pretty much summed up the month of February. Nearby SK7 broke through technical support & finished down 15 ¼ cents at $9.75¾ today, the lowest close in more than five months. We’ve now been lower 13 of the past 15 sessions, & are on pace for the largest monthly drop in soybean futures since last July. The SA harvest numbers are still weighting pressure on American beans. Also the slowdown in exports have put damper on the beans. We are looking at around 88.2million acres in the report on Friday. Last year planted 83.4 million.
Wheat: Down 2
Wheat was mixed to close out last week with KC up but Minny was lower. It was reverese tone on the overnight session as Minny was up slightly but had KC lower by 3. All eyes are on the rainy forecast in the south as we could see some relief in HRW areas. We could see some US wheat demand begin to surface from the world as it appears it is cheaper than many of other world origins. As for the report, we are looking at around 46.1 million acres this year versus the 50.2 million we saw last year.