COMMENTARY 3/20/17

Warmer temps and wet now for the ECB while the WCB stays dry.  The Plains were warm and dry.  There are some shower chances for N TX into E KS and from N CO to NE.   In Sa, Argentina was dry while Brazil was wet over the weekend.

St Louis river level DROPPING~ at 130′ and forecast 11.2by 3/24. 

CORN

DOWN 4

Higher early until the Funds shifted. Inspections were mid range at 52.5 vs expectations of 43-59 and 43 needed per week.  There was another sale announced too of 132kMT to S Korea.  SA’s Brazil harvest is thought to be 14% complete, behind last year’s 25%.  Some 96% of their winter planting is complete vs last year at 93%…..and the producer is hoarding it.  Only 39% of the double crop is forward sold and compares to last year at 81% sold.  China seems to have suspended imports of Brazil beef after a meat inspection scandal.

 BEANS     

DOWN 1

Behaved like yc.  Inspections were even better than expected at 2727.1 mill bu vs expectations of 15 -24 mill.  In SA, AgRural est Brazil harvest at 62% complete, just one ahead of last year and 7 ahead of their 5 year…..and it is growing!  ABIOVE has their bean crop at 107.3.  The Feb est was 104.6.

WHEAT

DOWN 6

There is a significant chance for dry wheat areas to get a shower later this week.  Next week’s forecast looks promising for some relief in the HRW regions.  Some 24% of our US Prod is classified as being in drought and compares to 20% last year.