Mixed markets this morning with corn down 1 and soybeans up 3.
China has been holding off on any purchases of beans, while they wait for Brazilian shipments. They have backed off the crush pace to bridge the gap until South American supplies arrive.
Kansas HRW good/excellent conditions fell 3% to 37%, Oklahoma fell 2% to 46% g/e, and Texas was down 2% to 28% g/e. The freeze and dry temps are leading to more deterioration of the wheat crop. This will lead to more soybean, milo, corn and other small grain acres being planted in these areas.
Ag Rural is reporting that 25% of the Brazilian harvest is complete vs 40% last year. They also raised the size of the Brazilian crop to 133 mmt vs the previous forecast of 131.7 mmt. The 10 day forecast and the 11-15 are both dry for Argentina this morning. Limited rainfall is expected over the next two weeks. Temps are also going to move into the mid 90’s to 100 degrees over this same timeframe.
Producers should be active sellers of new crop corn and soybeans ahead of the March 31st planting intentions. With crop insurance coverage price for corn at $4.58 and soybeans at $11.87 we should see a record number of acres in the report.
Have a Safe Day!