Grain Exchange – 3-10-2021
Does this warm weather have you getting equipment ready for spring? Hopefully planting will be coming quicker than we think.
Yesterday was a supply and demand report day. The planted acres and expected yield saw no change from the February report. The ending stocks were unchanged for both the US and world. This was also the first report that the 2020 harvest numbers did not change. The results of the report left the market in a confusing down 5-9 cents and then up just as much from the high of the day. After the market digested the report here is what we are seeing this morning:
Corn is down 5-8 cents. Corn seems to be following the beans and wheat down. Corn has been our least vulnerable crop lately. Anticipation of ethanol production to go up, should help corn stay a little more stable.
Beans are down 15-25 cents. Old crop is seeing the bigger decline than the new crop beans. This is being driven by major scares in China over the African Swine Fever over coming hog facilities again. ASF fears have the soymeal market down. Another focus is Brazil harvest, and second crop planting are still behind average but is progressing.
Wheat is down 10-12 cents. There were scares of winter kill with the severe cold we experienced down south but this week the weather and precipitation seem to be more normal. Hopefully we aren’t in a fool’s spring.
As the markets are still seeing rapid movement offers are more important than ever. Seems like “pie in the sky” offers within reason are obtainable. If we continue to see volatility in the markets through planting time, it will be helpful to meet with your grain marketing specialist now to put offers in. Has anyone else noticed the emphasis we have put on offers every week, maybe they are important?
Have a great and safe day!