3-6-13 AM Comments
Wednesday, March 6, 2013, 8:11 amSubmitted by: Jon Setterdahl
Grain markets all lower to start this morning on basically a lack of news and some consolidating trade ahead of Friday’s USDA monthly supply/demand report. Trade feeling better about US crop potential with recent precipitation events, although some areas in the western corn belt remain very dry. South American weather is ok, with increased rain chances for dry areas in Argentina. Brazil soybean harvest progressing well, except for the 60-day waiting time to load ocean vessels. The Brazilian corn crop is also good, with their double-crop corn reportedly excellent so far.
USDA report Friday could see some demand adjustments to the export categories….corn might be lowered further and soybeans increased. The more important USDA report this month will be the intended acreage and quarterly grain stocks report out on March 28th. The stocks number will verify estimates for domestic feed demand and set the tone for prices heading into planting season. After that, it’s all weather.
Corn & Beans: both down 3-5 cents this am
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