Grain Marketing Specialist
Hope to see you all there!!
Corn: As of 7:30- 2 higher
Exports yesterday into last night seemed to be the name of the game talk of China purchasing up to 500 kmt and South Korea 324 kmt. 200 of which looks to come off the PNW which is particularly good for our [art of the world. This seems to at least stabilize that market for now as we move into the Mar 31st prospective plantings report. I look for support at 3.60K with resistance at 3.70 and 3.76.
Soybeans: As of 7:30- 5-7 higher
A firm dollar, an increasing SA crop and prospects of an increasing US plantings continues to weigh heavy on this market. Acreage is one thing but yield plays as big or bigger part of overall production and with us seeming to be neither in an a La Nina or an El Nino pattern we may still have some risk premium in this market but if things play out well long term this market will have a hard time making gains.
Wheat: As of 7:30- 7 higher
Declines in HRW crop ratings seems to have stabilized for things for now. Starting in April we will start to see weekly condition updates. 6-10 day forecast shows some precip for northern HRW areas, missing much of the Southern and Western area and all look to have above average temps.