March 30, 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: Down 1
Corn struggled to keep its positive gains to start the day yesterday, and started to follow bean lower but pulled itself out negative values to close ¾ cents higher. They could not keep it on the overnight as most contracts closed down a penny. Ethanol production increased by 10k to 1054k barrels/day. This marks 22 straight weeks of production over 1 million barrels. Net ethanol margins popped up to a positive 11 ¢.Corn exports were 841.9tmt vs estimates of 1.0-1.5mmt in today’s weekly export sales report. Total export commitments are now 84% of USDA’s projections for the year, with 5 months remaining in the marketing year.
Private analysts believe that 40-50% of old crop is yet to be priced
Soybeans: Down 4
Another tame day in the beans yesterday, they did start they day on the positive side but quickly lost its momentum and ended the day down 3. That slump rolled into the overnight session as we again saw a tight window of trade as beans closed 4 lower on deferred contracts and 3 ¾ on the Nov. Market remains choppy ahead of Friday’s Prospective Planting Report. Predictions range from 87-90 million acres of soybeans. In February, the USDA penciled 88 million soybean acres, which a 5.5% increase from 2016. Soybean exports were 996.6tmt vs estimates of 450-850tmt, soymeal were 161.6tmt vs estimates of 100-400tmt and soyoil were 12.5tmt vs estimates of 0-40tmt. Total export commitments are now 99% of USDA’s projection for the marketing year
Wheat: KC Unchanged, Minny up ¼ cent.
Wheat complex was mixed yesterday as KC lost a ½ as they are getting beneficial rains in some crucial areas. Minn had the strongest day as they closed up 8. On the overnight KC was unchanged and Minn was up fractionally. Wheat export sales were 627.6tmt vs estimates of 300-650tmt. Total export commitments are now 94% of USDA projections with 3 months left in the marketing year. Wichita, KS area has received over 3 inches of rain in the past week with more rains in the forecast for the southern plains.