National Grain Summary - Week ending Feb. 24th
Wednesday, March 01, 2017 8:14 AM
Compared to last week, grains and soybean bids were mostly lower with wheat being mixed. The clock is ticking on South America’s approaching harvest, however, the May corn futures contract continues in a gradual uptrend. May soybeans short-term trend has turned lower as they are under bearish pressure. The uptrend remains for May Chicago wheat. The annual two-day Ag Outlook Forum kicked off early Thursday with a 2017 corn planting estimate of 90.0 million acres and an average price estimate of $3.50 a bushel. Prices showed no reaction when the numbers were released as it was no surprise that the planting estimate may be a little low. Soybeans had a planting estimate of 88.0 ma with an average cash soybean price estimate of $9.60 a bushel. This price was neutral with a bearish planting estimate. Wheat’s planting estimate made a record low at 46.0 ma with wheat price estimates averaging $4.30 a bushel. The price estimate appears optimistic this early in the season and will depend on a fifth consecutive year of good weather around the globe. The International Grain Council updated its world production figures Thursday putting it at a record level. World grain production is forecasted at 2.1 billion metric tons which is 5% more than a year ago. Corn production was mostly unchanged at 1.05 billion metric tons as was wheat at 752 million metric tons. Soybeans were predicted at 336 million metric tons which would be a 2 million ton increase. Weekly export sales for wheat was listed at 26.0 mb (707,800 mt) with 16.6 mb (451,300 mt) for the 2016-2017 marketing year. Export sales for corn came in at 39.7 mb (1,007,600 mt) with 29.3 mb (743,100) for the 2016-2017 marketing year. Soybeans were at 16.2 mb (442,200 mt) with 15.2 mb (413,500) for the 2016-2017 marketing year. Weekly export sales for sorghum were at 3.4 mb (86,000 mt) for the 2016-2017 marketing year. Wheat was 9 cents lower to 17 cents higher. Corn was mostly 8 to 15 cents lower. Sorghum was 4 cents higher to 15 cents lower. Soybeans were 32 cents lower.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO