Grain News – Turnaround Tuesday
Forecasts for the week are bringing more precipitation to the southern Plains and the Midwest. While many of us are welcoming the warmer weather, we are also bracing ourselves for flood like conditions as we expect more rain and the meltdown of piled up snow. The extended forecast is calling for dryer weather toward the end of March and above average temperatures in the Great Lakes Region. Planting in the South seems to be below average as cold weather is slowing down farmers in Texas.
Grain markets are neutral to higher on this turnaround Tuesday as markets are trying to rebound from the lows that hit yesterday. The U.S. corn market is still struggling to improve as there are much cheaper sources for corn around the world.
Soybeans also hit new lows in the overnight trade and are having more trouble than corn rebounding into the morning trade session. News of phone conversations between U.S. and Chinese negotiators hit the stands this morning, but we’re still not expecting a deal to be made before President Trump and President Xi are scheduled to meet later in March. Chinese exports are already running 20% behind the projection that the USDA released on the March 8th report as China accounted for just 14.2 million bushels of year-to-date shipments.
As we get closer to spring, continue to get your orders working to price old and new crop. If we can help with anything, give us a call!
Have a great day!