The Murray, Murrumbidgee, and Darling are the three longest rivers in this country...
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Grain Market Insight
Afternoon Grain Comments 3-8-2021 – Good afternoon. The grains were mixed at the end of the day session today, with soybeans and corn moving higher, and wheat moving lower. Corn was a follower of soybeans today. Corn spent most of the day session in the negative before barely being pulled into the positive. The forecast for central Brazil has a wet outlook for the next 10 days to delay 2nd crop corn plantings even more. Export corn inspections were 64.6 million bushels this week. Inspections are running 496 million bushels ahead of last year. Soybeans were up 30 cents at one point today before closing with just under a 5-cent gain today. Dry Argentina forecast helped fuel the big early morning rally before the updated midday forecast came out with better chances of rain for Argentina in the next 10 days. Soybean export inspection were down this week to 21.6 million bushels. Wheat was down with much of the US winter wheat areas receiving rains over the last 3-4 days. Wheat export inspections were 17.7 million bushels today. Kansas’s good/excellent Wheat rating went down 1% to 36% and Oklahoma’s good/excellent rating went up 7% to 53%. At the close of today’s markets cash wheat was down 4 cents, cash milo was up 1 cent, cash corn was up 1 cent, and cash soybeans were up 4 cents. Have a great evening!
Morning Grain Comments 3-8-2021 – The grain markets were higher overnight with the StoneX headline this morning being “beans to fresh highs on supply concerns, S.A. weather issues remain”. The soybean board of trade price is at the highest point since June of 2014. All of the May grain contracts left gaps from the smallest possible gap for KC wheat (0.25 cent) up to the 7-cent gap left by soybeans. The trade volume overnight was nearly double what it was a couple of days last week so it was a little more than normal. Tomorrow morning at 11 the March World Agricultural Supply Demand Estimates (WASDE) is scheduled to be released so that will likely be the market mover for the week. In world grain trade news, Pakistan purchased 22 million bushels of soybeans over the past few weeks from either Brazil or the U.S., and Algeria has tendered again for 1.8 million bushels of milling wheat. At the end of the night session at 7:45 this morning, Kansas City May wheat was 3.25 cents higher, Chicago May corn was up 4 cents, and Chicago May soybeans were 12.75 cents higher. Have a wonderful day.
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