Mar 10th 2014
Grain Marketing Specialist
Corn: As of 7:45- 5 lower
Last week “Putin’s Push” gave May corn a 25c rally and in kind farmers were diligent sellers of this rally. This happened both locally and nationally which in turn pressured basis levels as processors gain coverage and rail facilities still dealing with poor rail performance and extremely high priced freight costs. For today the main focus will be the USDA Crop Production and Supply/Demand report that comes out at 11 a.m. CST. The average trade estimate has 13/14 stocks dropping, primarily from an increase in exports. Stay tuned and we will update when the numbers are released.
Soybeans: As of 7:45- 6 lower
Soybeans just kept charging higher last week on continued demand. SK4 closed nearly 44c higher for the week. We are just not seeing the export cancellations that many anticipated by this point. This in turn has lead idea’s that USDA will increase exports this morning. The average trade estimate for today’s report of 141mb of carryout vs 150 from Feb with some as low as 125 (appears to be the line in the sand historically).
Wheat: As of 7:45- 4 to 6 lower
Wheat posting a good week last gaining over 40c across the complex. We haven’t been able to say that much lately… With warmer weather we should start seeing the HRW crop seeing life. Many are looking for ending stocks to decrease slightly on an increase in exports. Will update after the release of USDA estimates at 11 am CST.