CHS Drayton Morning Market Wire (3/8)

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

CHS Drayton Annual Meeting will be held on March 9th, 2017 at Hasting’s Landing Restaurant in Drayton, ND at 10:00 AM. Please RSVP by calling 701-454-3351. 

Corn traded lower overnight closing just off the session low of $3.73. The market has closed lower each day this week, correcting lower from last week’s surge.  Analysts’ average trade estimate for Thursday’s USDA March S&D report has corn carryout at 2.317 billion bu. compared to last month 2.320 billion bu.  Look for mostly lower trade today.

Soybeans traded mostly lower overnight due to technical selling pressure. The May contract is now below the 100 day moving average of 10.34 with the next technical support level at $10.20.  The average trade estimate for Thursday’s soybean carryout is 418 million bushels, down from last month’s 420 million.  Look for mostly lower trade today on positioning going into tomorrow’s report.

Spring wheat closed three cents lower this morning and was under pressure the entire trading session. The May contract saw a five cent range overnight.  Wildfires are raising concerns in parts of Kansas, Colorado and Texas; however forecasts show better chances for moisture next week.  Look for mostly lower trade on weakness from the corn and soybean markets.

If you have any questions or know anyone who would like to receive this email, please email me at eric.peterson@chsinc.com  or give me a call at the office at 701-454-3351. Have a great day!

 

Futures markets as of 8:30 AM
Minneapolis Wheat: MWEK17 5.36 -0.03
Kansas City HRW: KWEK17 4.71 -0.01
Soybeans: SK17 10.22 -0.03
Corn: CK17 3.74 -0.01

 

CHS Drayton Cash Prices
Spring Wheat: 4.76 -0.60 basis Mar Delivered Drayton
Winter Wheat: 3.66 -1.05 basis Mar Delivered Drayton
Corn: 3.02 -0.72 basis Mar Delivered Drayton
Soybeans: 8.95 -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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