March 29, 2017
Grain Marketing Specialist
Market Base Builder Sign-up Deadline is March 31. Contact a Grain Marketing Specialist for more details!!
The USDA Prospective Plantings and Quarterly Grain Stocks reports will be released Friday, at 11:00am CT. Do you have your targets working??
Corn: Up 1 ¾
We continue to see lackluster market in front of the report this Friday. Corn market had a miniscule 3 cent trading range but managed to hold some of that for a 2 cent gain yesterday. We did see some follow through on the overnight with a 1 ¾ cent bump on May contract and 1 ½ on the Dec. May corn had 6 lower closes in a row until yesterday, when it closed 2 cents higher. The average estimate for corn stocks in all positions on Friday’s report is 8.534 billion bushels, which would be 9% higher than last year, or 721 million bushels more.
Soybeans: Up 1
Beans stopped a 5-day slide yesterday as they saw some small gains in front of the report. They had a 6-cent range but could only hold on to a ½ increase. We finally saw some positive follow thru on the overnight as most nearby contracts saw a penny or better gains while Nov also saw a 1 ¾ gain. Brazil bean harvest pegged at 68% complete versus 67% last year. Brazilian Real a bit softer, prompting more selling The average estimate for soybean stocks as of March 1st is 1.684 billion bushels which would be about 10% above year ago levels, or 145 million bushels more
Wheat: Minny up 5, KC up 1 ¾
Wheat out performed both row crops with a decent showing both KC and Minny were up 2 at yesterdays close. Wheat complex also saw positive movement on the overnight with Minny have the biggest with a 5 ½ cent gain and KC posting a 1 ¾ gain. The HRW growing area received widespread rains over the last 24 hours, with more in the near-term forecast. The 8-14-day outlook projects a drier pattern, but still warm temperatures. Although we did see a decline in the WW condition due to last week’s warmer & dry weather
The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.