National Grain Market Review - Week ending Mar. 31st
Wednesday, April 05, 2017 8:02 AM
Compared to last week, grain and soybean bids were mixed. The grains saw support from the positive outside markets. Corn saw slight gains as U.S. corn demand remains good. Soybeans were under pressure from Brazil’s record harvest and anticipated record soybean acres on Friday’s prospective planting report which will be released later today. Wheat was lower as rain fell across the Plains and Midwest leaving wheat in better shape. Heavy rain finally made its way to the dry areas of the U.S. just in time for planting. Farmers really needed the pre planting moisture to get started. Most of the field work was done earlier than usual due to the unseasonably warm winter. In a few week’s planting will be in full swing if weather allows. Later today the USDA Grain Stocks and Prospective Plantings Report will be released. Weekly export sales for wheat came in at 23.1 mb (627,600 mt) with 17.1 mb (464,100 mt) for the 2016-2017 marketing year. Export sales for corn were bullish coming in at 33.1 mb (841,900 mt) with 28.2 mb (716,200) for the 2016-2017 marketing year. Soybeans were also bullish showing a total of 36.6 mb (996,600 mt) with 25.0 mb (681,000 mt) for the 2016-2017 marketing year. Weekly export sales for grain sorghum were bearish showing a total of 0.7 mb (16,700 mt) for the 2016-2017 marketing year. Wheat was mostly steady to 12 cents lower. Yellow corn was 2-13 cents higher. Sorghum was 2-19 cents higher. Soybeans were 18-28 cents lower.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO