Traders Await the results of USDA Report

Published on: 13:25PM Mar 31, 2016

Grains were mixed overnight as traders await the results of USDA’s planting and stocks reports at 11 am CDT today. In outside markets, stock futures and crude oil were mildly higher while the US dollar made fresh lows.

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Wheat fell hard on Friday thanks to an outlook for rains in the US Plains. The best chance for rain remains in the 11 to 15 day, and some GFS guidance remains more generous in the southwest Plains than some private weather analyst models. However, the precip still misses the southwest 1/3, although rain chances do still improve in late April for the region.

Traders look for USDA’s planting reports to show 90 million acres of corn versus a range of estimates from 89 to 91, while soybean acres are pegged at 83.1 million versus estimates ranging from 81.6-84.2. Wheat is expected to see a 3 million acre drop in plantings and to come in at 51.7 with estimates from 50.7-54.8.

WEEKLY EXPORT SALES

 

Actual OC

Actual NC

Expected OC

Expected NC

Corn

790

70

800-1,000

0-100

Soybeans

271

90

300-600

75-300

Wheat

317

86

150-350

75-200

 

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