Grain markets were higher overnight. Following the overnight session, corn is up one cent, soybeans are down one cent, and spring wheat is two cents higher.
-The USDA Prospective Plantings and Quarterly Grain Stocks reports will be released today at 11:00am.
Corn closed a cent higher this morning after trading a narrow two cent range overnight. The average estimate of corn acres in today’s report is 90.97 million acres. USDA planted acreage for 2016 was 94.004 million acres. The average estimate for corn stocks as of March 1st is 8.534 billion bushels. Look for tentative price action until the report comes out at 11:00am.
Soybeans traded two sided overnight with the May contract closing down a penny. The average estimate for soybean acres is 88.21 million. USDA 2016 planted acreage was 83.433 million. The quarterly stocks estimate is 1.684 billion bushels. The trade will be positioning this morning in front of the report.
Spring wheat closed two cents higher this morning closing at the overnight high of $5.46. The acreage estimate for all wheat is 46.14 million. 32.55 million for winter wheat, 11.35 million for spring wheat and 2.115 million for durum. Wheat is expected to be a follower of corn today unless a surprise comes out of the report.
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|Futures markets as of 8:30 AM|
|Kansas City HRW:||KWEK17||4.18||+0.01|
|CHS Drayton Cash Prices|
|Spring Wheat:||4.91||-0.55 basis||Mar||Delivered Drayton|
|Winter Wheat:||3.13||-1.05 basis||Mar||Delivered Drayton|
|Corn:||2.88||-0.70 basis||Mar||Delivered Drayton|
|Soybeans:||8.43||-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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