March 31, 2014
Grain Marketing Specialist
USDA Report out this morning at 11am. Acreage /Stocks. See chart below
Corn: 1-3 lower What does the report say???
May corn closed last week on a high note gaining 17.25 cents, which was the highest weekly close in 2014. Exports were 1.4mmt for the current marketing year. With the much anticipated quarterly stocks and acreage report out today, expected numbers for corn are around 7.099bb and 92.748 million acres. Hog report was out last Friday, and it appears that the pig numbers are not shrinking as fast as many thought which should keep feed demand strong.
Soybeans: Mixed to steady
Soybeans gained about 27 cents last week on continued demand but export sales did slow down. Meal had a strong week as well with exports at around 159mt.
Stocks are looking for somewhere around 989mb and acreage is being estimated at 81.075. With the smallest hog herd in 7 years, it has reduced meal usage. South America is still harvesting and may still be loading ships China does not want…
Wheat: 4-6 lower
Wheat markets saw large swings last week with crop condition and weather in the south being closely watched and a concern. There is still a slug of wheat in Canada to be moved but question would be is when, with the problems with rail continues being a problem. The March 1 stock are estimated at 1.042bb and acres at around 56.28 million acres.