Grain markets were mostly higher overnight. Following the overnight session, corn is up three cents, soybeans are up two cents, and spring wheat is one cent lower.
Corn traded higher overnight with the May contract closing three cents higher at $3.67. The market traded higher overnight on support from a lower acreage number on Friday’s report. The USDA had planting intentions at 89.996 acres, just below the pre-report average estimate of 90.97 acres. Look for mostly higher trade today on short covering from a lower acreage number.
Soybeans traded two sided overnight with the May contract closing up two cents. A narrow four cent range was traded overnight. Strength was seen overnight on short covering after Friday’s big acreage and stocks numbers which pushed prices lower. Brazil’s soybean harvest was reported at 74% complete versus 65% last week and 76% this time last year. Look for slightly higher trade on short covering.
Spring wheat closed a fraction lower this morning after trading a narrow three cent range overnight. Support came overnight from the USDA’s reduced acreage number, however gains were limited from a bigger than expected March 1 stocks figure. Look for mostly mixed trade today.
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|Futures markets as of 8:30 AM|
|Kansas City HRW:||KWEK17||4.23||+0.03|
|CHS Drayton Cash Prices|
|Spring Wheat:||4.78||-0.55 basis||Apr||Delivered Drayton|
|Winter Wheat:||3.08||-1.05 basis||Apr||Delivered Drayton|
|Corn:||2.97||-0.70 basis||Apr||Delivered Drayton|
|Soybeans:||8.30||-1.18 basis||Apr||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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