CORN
- Corn prices remain slightly higher at midday on continued support from the energy market. May corn is up 2-00 cents to $4.61-1/2.
- AgRural pegs center-south safrina crop planting at 97% complete which is 7% better than last week, but down from 100% through the same period last year.
- Ukraine’s farmer’s union sees corn production totaling between 31 mmt and 32 mmt which would be in line with last year’s number.
SOYBEANS
- Soybeans are trading mostly lower at midday as the market loses optimism on Chinese demand. May futures are down 4-00 cents to $11.59-1/2.
- Agrural sees Brazil’s soybean harvest at 68% complete as of March 19th. This compares to 60% the week prior and 80% through the same time last year.
- Soybean acres are expected to increase this year due to high fertilizer costs. Agmarket sees acres increasing to 86.1 million acres, up from February’s Ag Forum which stood at 85 million acres.
WHEAT
- Wheat futures are lower at midday as the market tries to gauge upcoming weather. May Chicago is down 4-00 cents to $5.83-3/4, May KC is trading 2-3/4 cents lower to $6.00-3/4, and May Minneapolis is down 00-3/4 cents to $6.26-1/4.
- Weekly wheat ratings showed Kansas wheat conditions declining to 46% good-to-excellent, which is down 10% over the past two weeks. Oklahoma and Colorado were also seen declining to 14% and 24% good-to-excellent respectively.
- Drought conditions remain persistent among the Plains, which now could be facing freezing temperatures this upcoming weekend. There are chances of moisture this week, but the market is concerned it may not be enough to relieve conditions.
Author
Tanner Wilson