National Grain Market Review - Week ending Mar. 17th
Wednesday, March 22, 2017 7:44 AM
Compared to last week, wheat and corn were mostly lower while soybeans, sorghum, and oats were lower. Corn’s seasonal trend remains down, however, both old and new-crop corn established minor (short-term) uptrends on daily charts Thursday. Old-crop soybeans also moved to a short-term uptrend following Thursday’s rally. Soybeans also continue to have strong commercial selling. This week’s sub-freezing temperatures across major U.S. winter wheat growing areas might cause traders to show some interest, at some point. Wheat shipments updated marketing year totals continue to run behind the USDA’s projected pace. Weekly export sales for wheat was listed at 12.4 mb (338,600 mt) with 9.7 mb (264,400 mt) for the 2016-2017 marketing year. Export sales for corn came in at 58.0 mb (1,473,500 mt) with 49.4 mb (1,255,400) for the 2016-2017 marketing year. Soybeans were at 25.6 mb (697,400 mt) with 17.3 mb (471,600 mt) for the 2016-2017 marketing year. Weekly export sales for sorghum were at 0.6 mb (16,000 mt) for the 2016-2017 marketing year. Wheat was 8 cents lower to 19 cents higher. Corn was 7 cents lower to 2 cents higher. Sorghum was 2 to 3 cents lower. Soybeans was 5 to 9 cents lower.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO