Grain Markets Update Week Ending 3-2-2018

Grain Marketing

Another stellar week for grains as the bull rally picked up steam with wheat futures catapulting 35 cents, soy futures up 24 and corn rallying 11 cents.

  • UNL’s Drought Monitor showed worsening conditions in W TX/ Ok and Central KS.
  • The last 30 days has brought rainfall totals that are 400% more than normal from IL to OH.
  • Buenos Aires Grain Exchange slashed their soy crop estimate to 44 MMT from 47 MMT last week.
  • Export demand picks up for beans this week and remains solid for corn.

 

In The Cash Market:

  • US average basis levels were up 1 and 2-cents a bushel on the week for corn and beans.
  • Gulf export bids were up sharply on the week posting double-digit gains as river flooding continues to wreak havoc on barge flows.
  • Soy crush plants were up strong on average for the week posting a 3-cent advance.
US_corn_basis_change_2018-02-23_to_2018-03-02_map US_soy_basis_change_2018-02-23_to_2018-03-02_map

 

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