March 7, 2016
Producer Marketing Manager
Signup for the 2016 Market Base Builder Program is underway! Check with your nearest Grain Marketing Specialist to find out how to enroll some of your NC 2016 bushels of Corn, Soybeans, or HRS into this pricing program. Pricing starts on March 17th…….deadline to enroll is March 16th!!!
CORN: As of 7:45 – Up 2
Heavy precip is anticipated for the Delta up through the Ohio River valley this week, likely causing some flooding and fieldwork delays. We are just 2 trading sessions away from being ¼ cent away from contract lows. Can we get any traction here? Watching the 20 day moving average as near term resistance at $3.63 ½.
SOYBEANS: As of 7:45 – Up 5
A solid close on Friday has carried over to this morning as the May contract is trading above the 100 day moving average and within a nickel of our Jan/Feb highs. Most of the momentum on Friday was attributed to the strength in the Brazilian Real after their former president, Lula, was being held on corruption charges….and that it may trickle to the current president. Mato Grosso soybean harvest is estimated at 66% vs the three year average of 71%.
WHEAT: As of 7:45 – Mpls Up 4, KC Up 5
Wheat was a reluctant follower of the other grains on Friday, closing 2 to 3 cents higher. The French wheat crop is viewed at 94% Good to Excellent. There has been some chatter that temps have pushed wheat out of dormancy in areas of Romania and Bulgaria and now may experience some cold temps in the near futures. KC led the charge last week after making contract lows on Wednesday…….and rallied nearly 30 cents.