Grain markets were higher overnight. Following the overnight session, corn is up two cents, soybeans are up three cents, and spring wheat is one cent higher.
Corn traded higher overnight closing at the overnight high of $3.58. Support came overnight on a technical bounce after year lows were made yesterday. Many southern states are well ahead of their five year average planting pace with Louisiana at 80% planted and Texas at 45% planted. Look for slightly higher trade after hitting new lows yesterday.
Soybeans closed three cents higher this morning, with the May contract trading a five cent range overnight. Soybean export inspections were 555tmt, down from the previous week’s 744tmt. Look for a slight bounce today as the trade positions ahead of Friday’s acreage report.
Spring wheat traded higher overnight, with the May contract closing a penny off the overnight high of $5.35. Yesterday, export inspections were 541tmt, down from the previous week’s 649tmt. Kansas winter wheat conditions were unchanged at 38% good/excellent. Texas was also unchanged at 34% good/excellent. Look for slightly higher trade today as the market has seemed to find some support after the sharp decline the last couple of weeks.
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|Futures markets as of 8:30 AM|
|Kansas City HRW:||KWEK17||4.22||+0.01|
|CHS Drayton Cash Prices|
|Spring Wheat:||4.79||-0.55 basis||Mar||Delivered Drayton|
|Winter Wheat:||3.17||-1.05 basis||Mar||Delivered Drayton|
|Corn:||2.88||-0.70 basis||Mar||Delivered Drayton|
|Soybeans:||8.57||-1.18 basis||Mar||Delivered Drayton|
Spring Wheat Protein Scales
-.06 cents ea. 1/5 down from 14.0% to 13.0%
-.06 cents ea. 1/5 down from 13.0% to 11.0%
+.04 cents ea. 1/5 from 14.0% to 15.0%
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