COMMENTARY 3/22/17

Central Brazil will be showery for the next ten days, slowing fieldwork. Argentina should be relatively dry until the weekend.  They do have the chance of 80% coverage from .20-1.0” with some spots as 2.50”.   Back in the US, the Midwest’s the 6-10 day remains unchanged with the 11-15 day forecast  drier for the West Central regions.  The hard red winter wheat could see .1” to .7”  as we get into tomorrow and Fri.  The latter half of next week could become unsettled with 80-85% coverage of up to 1.0 – 2.0”.

St Louis river level DROPPING~ at 11.8′ and forecast 8.9by 3/29. 

CORN

DOWN 2

Slow and looking for news….especially bullish news.  Asian corn buyers in the SE are rumored to be seeking more US corn.  It is also being said that some 52% of Brazil beef exports are being disrupted by their import markets like China,  EU, South Korea, Chile, Egypt and Hong Kong.  These countries have restricted Brazilian meat imports over meat inspectors having been bribed.  Brazil amounts to 20% of the world’s beef trade and as much as 20% of world fowl.  Thurs’s Export Sales are expected to be 35 -47 mill bu.

 BEANS     

DOWN 2

The SA crop isn’t getting smaller and it seems that plenty of beans are making it into the world market.  The USDA announced a 120KMT sale to China for 17/18.  Thursday’s Export Sales are expected to be 13 – 20 mill bu.  One private est’s our US bean acreage at 87.3 million.

 

WHEAT

DOWN 4

Yuck!  Turkey, Russia’s second largest wheat customer,  is pondering banning Russian imports.  Officials are considering a 130% import tax on wheat. On e a positive note, the USDA announced a 120 K MT HRW sale to Saudi Arabia for 16/17.  Thursday’s Export Sales are expected to be 9 -17 mill bu.