COMMENTARY 2/27/18

High water woes abound.  Several locks taken out of service due to high water on the OH and IL Rivers!

CORN

UP 2

Argentina’s crop continues to shrink.  Cordonnier lowered his est another mill to 36.  Another US sale was announced, of 130KMT to unknown.  So far, Brazil producers  are making decent planting progress with 42% of Parana safrinha is now in the ground, up from 16% from last week.

BEANS

UP 3

Meal led the way higher with the Mar Board Crush topping $1.63 on concerns over Argentine supply worries.  China’s bean imports on a pace to exceed the USDA’s est by 2+ MMT. Cordonnier reduced his Argentine bean estimate 2 MMT to 47.0.

 

WHEAT

UP 3

Yesterday’s HRW ratings dropped with little in the way of drought relief for our SW.  CO was down 6, SD 5, ND 7, and MT was down 12% from last month.  A few states were  actually increases, like IL up 7, KY 8, MI 5, and VA up 27. In TX and OK, only 4% of winter wheat was rated G/E.  TX has dropped 25 points from Jan.