National Grain Summary - Week ending Mar. 10th
Wednesday, March 15, 2017 7:50 AM
Compared to last week, corn, sorghum, and soybeans were lower while wheat was mostly lower with oats being mixed. In Thursday’s WASDE report corn production estimates for Argentina and Brazil were increased, while old-crop and new-crop corn futures are nearing short term lows. USDA lowered its estimate of U.S. soybean exports in spite of increased global demand. The market for soybeans are approaching oversold situations. The weather conditions remain challenging for the HRW wheat crop across the U.S. Southern Plains. While the world ending stocks of wheat are projected to increase to nearly 250 mmt. There is continued limited movement of farm stored inventory across the U.S. Many are claiming to hold out till the summer rally before marketing any remaining bushels. Until then only marketing enough for immediate cash flow needs. This may be a costly mistake if growing conditions are benign and there isn’t a risk premium added to futures. Weekly export sales for wheat was listed at 15.9 mb (450,500 mt) with 14.4 mb (391,600 mt) for the 2016-2017 marketing year. Export sales for corn came in at 32.8 mb (834,100 mt) with 29.2 mb (741,100) for the 2016-2017 marketing year. Soybeans were at 18.9 mb (515,100 mt) with 17.8 mb (485,500 mt) for the 2016-2017 marketing year. Weekly export sales for sorghum were at 4.3 mb (110,100 mt) for the 2016-2017 marketing year. Wheat was mostly 2 to 14 cents lower. Corn was 5 to 16 cents lower. Sorghum was mostly 23 cents lower. Soybeans was 21 to 26 cents lower.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO