CHS Drayton Morning Market Wire (3/9)

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.

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 closed unchanged this morning after trading a three cent range overnight. The USDA will release their March S&D report today at 11:00am.  CONAB will also release Brazil production estimated today.  The average trade estimate for today’s corn carryout is 2.317 billion bushels, down from last month’s 2.320 billion.  Look for mostly quiet trade this morning in front of the report.

Soybeans traded mostly lower overnight closing just above the overnight low of $10.15. This morning CONAB increased their Brazilian soybean crop estimate by 2.1 million tons to 107.6 million tons. Average trade guess for soybean carryout is 418 million bushels, just below last month of 420 million.  Look for slightly lower trade this morning ahead of today’s report.

Spring wheat traded two sided overnight closing at high end of the session’s three cent range. The average trade estimate for today’s report is wheat carryout at 1.135 billion bushels, USDA in Feb was 1.139 billion bushels.  Forecasts show increased chances of rain for the drier parts of the US southwest winter wheat areas.  Look for mostly lower trade today.

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Futures markets as of 8:30 AM
Minneapolis Wheat: MWEK17 5.36 +0.02
Kansas City HRW: KWEK17 4.63 -0.02
Soybeans: SK17 10.16 -0.05
Corn: CK17 3.72 0.00


CHS Drayton Cash Prices
Spring Wheat: 4.76 -0.60 basis Mar Delivered Drayton
Winter Wheat: 3.58 -1.05 basis Mar Delivered Drayton
Corn: 3.00 -0.72 basis Mar Delivered Drayton
Soybeans: 8.89 -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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