CHS Drayton Morning Market Wire (3/10)

Grain markets were mixed overnight. Following the overnight session, corn is down one cent, soybeans are down five cents, and spring wheat is three cents higher. Today in Drayton, we are accepting 14.0 pro wheat only (please no low pro), soybeans and corn.

Harvest for Hunger 2017 has begun and will continue through March 20th.  Stop in to your nearest CHS location to see how you can help make a difference in the fight against hunger through CHS Harvest for Hunger. Let’s show the strength that comes from rural communities working together!

Corn traded lower overnight closing at the overnight low of $3.65. Yesterday, the USDA left corn carryout projection unchanged at 2.320 billion bushels.  World ending stocks increased 3.0 million tons to 220.68.  Brazil corn production increased from 86.5 million to 91.50 million tons.  Look for mostly lower trade today on a negative report from yesterday.

Soybeans traded lower overnight closing down five cents at $10.05. Surprisingly, the USDA increased U.S soybean carryout from 420 million bushels in February to 435 million bushels for the March report. The USDA also raided Brazil soybean production to 108 million tons up from 104 million in February.  Look for mostly lower trade today following yesterday’s report.

Spring wheat traded higher overnight, with the May contract closing at the overnight high of $5.42. The USDA lowered all wheat carryout 10 million bushel to 1.129 billion bushel.  Many winter wheat areas are still in need of moisture, so the trade will keep a close watch on the weather forecasts.  Look for mixed to higher trade as it seems Minneapolis wheat may have found a bottom.

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Futures markets as of 8:30 AM
Minneapolis Wheat: MWEK17 5.42 +0.03
Kansas City HRW: KWEK17 4.62 -0.01
Soybeans: SK17 10.05 -0.05
Corn: CK17 3.65 -0.01


CHS Drayton Cash Prices
Spring Wheat: 4.82 -0.60 basis Mar Delivered Drayton
Winter Wheat: 3.57 -1.05 basis Mar Delivered Drayton
Corn: 2.93 -0.72 basis Mar Delivered Drayton
Soybeans: 8.78 -1.27 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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