Grains Open Night Session Lower -- NASS Data Shows Dry Western Corn Belt
Mar 05, 2012
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.
THERE IS A RISK OF LOSS IN TRADING FUTURES AND OPTIONS. FUTURES TRADING IS NOT APPROPRIATE FOR ALL INVESTORS.
PLEASE READ OUR RISK DISCLOSURE.