COMMENTARY 3/21/17

Warmer temps and wet now for the ECB while the WCB stays dry.  There are some shower chances for N TX into E KS and from N CO to NE.

St Louis river level DROPPING~ at 12.5′ and forecast 10.2by 3/24. 

CORN

DOWN 2

Favorable safrina crop weather in Brazil coupled with the pace of US corn planting in the S.  Some areas are behind due to being too wet, but overall is ahead of normal.  LA is 35% planted vs 23% avg, AR 1% planted vs 0%, and TX now 31% vs 27% avg. MS is 4% this week vs 6% avg.

 BEANS     

UP 2

A 13 cent range today.  Nov fut have now closed 6 straight days within 2.5 cents of $9.95. Strength in the Brazilian Real is still limiting selling. We still have a couple of weeks before the next BIG report.  In 4/5 reports, the USDA’s Mar planting intentions have been below the average trade guess.

 

WHEAT

DOWN 4

Red most of the day as everyone watches forecasts.   Forecasts are optimistic that we’ll get rain for the HRW belt late week into next week, though there is a wide range of guesses on accum.  Some 24% of our US Prod is classified as being in drought and compares to 20% last year.