March 31, 2017
Grain Marketing Specialist
Market Base Builder Sign-up Deadline is TODAY!! Contact a Grain Marketing Specialist for more details!!
The USDA Prospective Plantings and Quarterly Grain Stocks reports will be released this morning at 11:00am CT. Do you have your targets working??
Corn: Up 1
The focus turn to today at 11. Corn had a pretty quiet day yesterday as we saw a 2-cent range but closed on the downside as it lost ½ penny. We did see some positive strength on the overnight as most contracts were up a penny. The average estimate of corn acres in today’s report is 90.97 million acres. The average estimate for corn stocks as of March 1st is 8.534 billion bushels.
Soybeans: Down 1
It was another somber day for the bean market yesterday as the they lost 6-cents. Nothing changed going into the overnight as bean lost another penny across the board. Beans have now closed down 6 out of the last 7 trading sessions. We did have fresh export news yesterday for 2017/2018. This was the first announcement in over a week as most exports have shifted to SA. The average estimate for soybean acres is 88.21 million. The quarterly stocks estimate is 1.684 billion bushels.
Wheat: Minny up 2, KC up 1
Wheat complex was mixed again yesterday as KC dropped 6 ¼ and Minny up ¼ -cent. Both wheat classes saw some strength in the overnight as KC was up a penny and Minny was up 2. Today report is focused more around the row crops, but if we do see the increase in corn and beans that was at the expense of something. Wheat acres are looking to take another big hit this year. Abundant stocks and weak prices has sent a message to plant less wheat. The acreage estimate for all wheat is 46.14 million, 32.55 mil for winter wheat, 11.35 for spring wheat and 2.115 mil for Durum. Stocks are estimated at 1.627 billion bushels.