March 10th, 2015
Grain Marketing Specialist
Monthly WASDE Report out today at 11:00am
The deadline to enroll corn and soybean bushels, for a new crop sale, in our Mark Base Builder program is this Friday March 13th. Call your local Grain Marketing Specialist or your nearest Wheat Growers Grain location for details.
Today’s lower prices are caused by fears of slow global economic growth.
Corn: 1-2 lower
Corn, for the most part is holding its own this morning. We are still trading in the range of 3.75 to 3.85 in the May contract, and 4.10 to 4.20 in the Dec contract. Export inspections, reported on Monday, came in at 46.5 million bushel. This was better than expected. No real big news expected to come out of today’s report, thus keeping the pressure on these markets.
Soybeans: 4-5 lower
USDA expected to cut its forecast of 2014 ending stocks by 10 million bushels to 375 million. Remember this is still quite large, and, if a significant amount of acres get planted this spring, we will continue to see pressure on the soybean market. Export inspections slowed down a little and were reported yesterday at 23 million bushels. Moderate rains in Brazil and Argentina will slow harvest a little.
Wheat: 4-5 lower
Some are thinking that the USDA will raise its forecast of 2014 ending stocks by 10 million bushels. This is due to lack of demand in the market place. Export inspections, released yesterday, were at 13.8 million bushels. This is lacking and we are still 10% behind the forecasted USDA trend on wheat exports. Crops seen improvement in the US southern plains, and rains are expected in the Black Sea region and China’s winter wheat region. Russia may be dry.