COMMENTARY 3/30/17

The dryness of the Midwest looks to be nullified now too with more rain in the forecast between now and this time next week.

St Louis river level RISING~ at 13.0′ and forecast 20.4by 4/4. 

CORN

DOWN 1

Export Sales were a stinker ahead of tomorrow’s 11 am report.  Coming in at 28.2 mill bu vs expectations of 35 -47 and 15.6 needed per week, didn’t help support.  Good buyers were Mexico, Peru, Japan, S Korea, and Columbia.  Still needing a write off on your tax return?  China has a donkey exchange available since prices since 2011 have quadrupled!  Keep your diesel costs low.  The IGC raised their global Production est by 4MMT at 1.053 BILL bu and they lowered their Carryout from 225MMT to 205.  Can’t wait for tomorrow’s volatility.

BEANS     

DOWN 6

Another big week for export sales at 25 mill bu vs expectations of 13 -20 and only 0.7 needed per week.  This is pressuring basis values in SA at a time when they clearly should be in control. AgroConsult has raised their Brazil Prod est from 111 to 113.3.

WHEAT

DOWN 5

Good moist weather for the W HRW areas pressured values today. Some areas of SE Saskatchewan and Manitoba too have seen 115% to 150% of average precip between Nov/Mar. Export sales were at the high end of expectations of 17 mill bu vs expectations of 9 to 17 mill.