Mar 11th 2014
Grain Marketing Specialist
Corn: As of 7:45- unchanged
By in large, the crop report yesterday was a little disappointing for corn with only a minor increase in exports of 25mbu bringing stocks down to 1456. The real surprise came from the Brazilian and Argentine productions estimates being left alone. World ending stocks increased from 157.3 to 158.5 vs and average estimate of 155.5. Solid export inspections released at 10a.m. For now it looks like we will have to wait and see what happens in Crimea and the Mar 31st Prospective Plantings report.
Soybeans: As of 7:45- oc 1 lower, nc 7 higher
Yesterday’s report was basically neutral soybeans as well. An increase in exports of 20, a decrease in crush of 10, and an increase in imports if 5 netted a total decrease in stocks of 5 to 145. This was a bit larger than the average trade estimate but nothing Earth shattering. Earlier in the day export inspections came out rather large but was later corrected as there was a mistake on what was taken by Mexico. Rumors began to surface on cancellations and it spiraled from there. Funds sold an estimated 14,000 contracts. Will we see proof of cancellations in Thursdays export sales report?
Wheat: As of 7:45- 1-2 higher
Balance sheet stayed basically unchanged for the US with just minor changes to World Stocks. Weekly export inspections a little lighter then the trade was looking for. Wheat fell into the follower category yesterday settling lower 10-12 lower on spillover pressure from row crops. Warmer weather should start greening up HRW so we will continue to monitor ratings.