March 6, 2017
Grain Marketing Specialist
Wheat Growers will be hosting multiple Marketing Meetings from the 13th to the 15th of March. Call your local Grain Marketing Specialist to RSVP by March 9th.
Corn: 1 higher
Last week’s market shake-up sure reminded us on why the use of targets orders, in a marketing plan, is a must! Unpredictable news could potentially make you some money. The overnight session has been steady and we continue to move along the established trend. We keep bumping the May resistance at $3.87 futures. December futures are not that much different as we keep hitting the $4 futures level. Both months are staying above the moving averages.
Soybeans: 6 higher
South American harvest continues to progress nicely, but the quagmire of logistics that plague them yearly have been helping to support our soybean markets. The May contract has been trading consistently between $10.25 and $10.75 futures, with a high at $10.87. That is a pretty wide range, but as we got to see last week, it doesn’t take much to move the soybean market 20 – 30 cents. Looking forward we turn our attention to the monthly Supply and Demand Report, coming out on Thursday, and the March 31st planting intentions report. Early estimates suggest an increase of 5 million acres! November futures are still holding on the upper end of the trend, between $10.34 and $10.40. These levels are good pricing levels.
Wheat: MPLS 4 higher. KC 6 higher
Wheat is back to being a follower. Winter wheat is now coming out of dormancy and depending on those conditions that may generate some pricing opportunities in the wheat market. Also traders are watching todays export inspections report.