Morning Comments March 13, 2017
Monday, March 13, 2017, 9:03 AM
Submitted by: Landus Cooperative
Corn: down 1 to 2
Beans: steady to -1
The South American crop(s) continue to give us surprises. This time, it was corn, with USDA increasing their Brazilian estimate from 86.5 MMT to 91.5. The Argentinian corn crop was also increased by 1.0 MMT. Add to that, increases in South Africa and India and global ending stocks are now well above 220 MMT. Crude oil is also trading below $50/barrel for the first time in several months.
For soybeans, no major new news last week, just more confirmation of a record South American crop and continued expectations for record bean acres in the U.S. weighed heavily on prices. Down more than 30 cents last week, we’ve now given up more than 80 since mid-January. There was news of a bean export sale earlier today.
Our series of third-party speakers continues this week with Chad Hart of ISU. With regard to the futures markets, all of these speakers have been given the topic of 'Where have we been? Where are we currently? Where are we going?' Please plan to join us for one of these meetings. The meeting this week is Wednesday in Ames, starting with registration at 10 a.m., meeting at 10:30 and lunch at 11:30.
The Town Hall meetings also continue this week: Tuesday at 11 a.m. in Rockwell City; Tuesday at 6 p.m. in Templeton; Wednesday at Noon in Ames; Thursday at 6 p.m. in Menlo. Hope you will be able to attend one of these as well.