March 29, 2017
Grain Marketing Specialist
Market Base Builder Sign-up Deadline is March 31. Contact a Grain Marketing Specialist for more details!!
The USDA Prospective Plantings and Quarterly Grain Stocks reports will be released Friday, at 11:00am CT. Do you have your targets working??
Corn: Up 1 ¾
We continue to see lackluster market in front of the report this Friday. Corn market had a miniscule 3 cent trading range but managed to hold some of that for a 2 cent gain yesterday. We did see some follow through on the overnight with a 1 ¾ cent bump on May contract and 1 ½ on the Dec. May corn had 6 lower closes in a row until yesterday, when it closed 2 cents higher. The average estimate for corn stocks in all positions on Friday’s report is 8.534 billion bushels, which would be 9% higher than last year, or 721 million bushels more.
Soybeans: Up 1
Beans stopped a 5-day slide yesterday as they saw some small gains in front of the report. They had a 6-cent range but could only hold on to a ½ increase. We finally saw some positive follow thru on the overnight as most nearby contracts saw a penny or better gains while Nov also saw a 1 ¾ gain. Brazil bean harvest pegged at 68% complete versus 67% last year. Brazilian Real a bit softer, prompting more selling The average estimate for soybean stocks as of March 1st is 1.684 billion bushels which would be about 10% above year ago levels, or 145 million bushels more
Wheat: Minny up 5, KC up 1 ¾
Wheat out performed both row crops with a decent showing both KC and Minny were up 2 at yesterdays close. Wheat complex also saw positive movement on the overnight with Minny have the biggest with a 5 ½ cent gain and KC posting a 1 ¾ gain. The HRW growing area received widespread rains over the last 24 hours, with more in the near-term forecast. The 8-14-day outlook projects a drier pattern, but still warm temperatures. Although we did see a decline in the WW condition due to last week’s warmer & dry weather