The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
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The grains have opened lower to start the night session following a mixed day session in Chicago. At the time of this post we are looking at corn down 2 1/2, soybeans down 3/4, and Chicago wheat down 1 1/2. It looks like a little bit of a turn around from a day session that saw front month corn trade 5 3/4 higher while beans closed down 8 cents. If you are a producer who wants to watch the markets and place orders in the night session, you can take a demo of the Firetip platform shown below by clicking the red button.
Data released by NASS this afternoon confirms that conditions remain very dry across the western corn belt, with 86% of Northwest Iowa showing short to very short top soil moisture. It looks like conditions have improved since the NASS report in February, but you can see from the table below that we are very dry compared to this time last year. This will be an important factor in the March 30th USDA Planting Intentions report, as dry top soil and a lot of corn-on-corn acres could weigh on yield projections.
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