Morning Comments March 27, 2018
Tuesday, March 27, 2018, 7:03 AM
Submitted by: Landus Cooperative
Corn +1 to 2
Beans +2 to 3
USDA weekly corn export inspections were 1.154 MMT (45.4 million bushels), a little below market expectations of 1.25 to 1.50 MMT (49.2-59.1 million bushels), and well-below last year’s same-week exports of 61.8 million bushels. The USDA weekly soybean export shipments last week came in at 585,000 MT (21.5 million bushels) and were within market expectations of 450K-650K (16.5-23.9 million bushels).
The USDA will release the quarterly Grain Stocks Report and Prospective Planting Reports this Thursday at 11 AM. The average trade estimate for the 2018/19 U.S. corn planted area is 89.42 million acres with a range of estimates that run from 87.55 to 91 million acres. The average trade estimate of 2018/19 U.S. soybean planted area is 91.056 million acres with a range of estimates that run from 89.90 to 92.6 million acres. Last year’s corn acres were 90.167 million acres and soybeans came in at 90.142 million acres. These reports and continued rains across the southern plains will keep a lid on prices for the time being. We tend to have some volatile price fluctuations just after the March reports. If you are wanting to get something sold in case we do see a spike right after the reports are released, the best way to do that is by leaving an offer with us prior to the report. This strategy reduces the coulda/woulda/shoulda feeling after the fact. Let us know how we can help.
This Thursday is also the deadline to enroll in the Merchant’s Plus program. We have 3 different pools of new crop to choose from: 2 options with INTL FCStone and one with Roach Ag. Please contact a Grain Marketing Advisor or call 877-778-2226 for more details.