Mar 27th 2013
Grain Marketing Specialist
Corn: As of 7:30- unchanged
Today’s commentary will be short and sweet as the bulk of the focus will be on positioning ahead of the release of tomorrows USDA report release at 11 a.m. cst. Average trade guess for acres are 97.328 and Mar 1 stocks is 5.03. Most likely acres will take a back seat to stocks the trade will focus on feed use and anticipate little surprises in acreage.
Soybeans: As of 7:30- 3 higher
Soybeans were the star yesterday with the May closing 10 ½ higher on continued concern over logistical delays in SA that could push business to the US. Hearing of vessel waits as long as 100 days. Average trade guess for tomorrows USDA report has acres at 78.394 and Mar stocks at 947. Like in corn, acreage will likely take a back seat to stocks. It is probable that any acreage deviation could be shrugged off as the bulk of any delays to cold wet weather are unlikely to be factored in due to surveys not being current. That being said many feel that corn will ultimately dictate price direction tomorrow.
Wheat: As of 7:30- unchanged
HRW wheat rallied yesterday on thoughts of frost damage in parts of Kansas, Oklahoma, Texas and Colorado. The average trade guess for all whet acres is 56.414 with spring at 12.453. Mar 1 stocks at 1.167. Barring any kind of major discrepancy corn direction will likely dictate the direction of wheat as well.