National Grain Market Review - Week ending Mar. 3rd
Wednesday, March 08, 2017 8:41 AM
Compared to last week, soybeans were higher while wheat, sorghum, and oats were mixed with corn mostly higher. U.S. corn remains attractively priced for more export business as corn demand continues to do well. In early 2017 South America anticipates an increase in corn and soybean production, however, wet weather in Brazil has caused problems with soybean quality and transportation. The Southwestern Plain’s forecast remains dry with Monday’s crop ratings for winter wheat lower than a year ago for the region. U.S. wheat supplies, nonetheless, remains at their highest in decades. There continues to be a bearish risk due to possible changes in trade relations with China and others, depending on how countries may retaliate. Weekly export sales for wheat was listed at 16.6 mb (452,000 mt) with 13.0 mb (353,200 mt) for the 2016-2017 marketing year. Export sales for corn came in at 28.1 mb (713,100 mt) with 27.3 mb (692,400) for the 2016-2017 marketing year. Soybeans were at 15.7 mb (427,700 mt) with all for the 2016-2017 marketing year. Weekly export sales for sorghum were at 0.6 mb (16,200 mt) for the 2016-2017 marketing year. Wheat was 5 1/2 cents lower to 9 1/2 cents higher. Corn was mostly 8 to 14 cents higher. Sorghum was 5 cents lower to 16 cents higher. Soybeans was 13 3/4 to 20 3/4 cents higher.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO