After the March 31 Planting Intentions report and Grain Stocks Report are published today the markets could be making significant price moves. Grain producers don’t want to see grain prices drift even more to the downside, away from highs seen in January and February. Following the March 9 monthly USDA Supply and Demand Report, corn and soybeans moved out of their sideways pattern as they reached levels not seen for several months. From March 9 to March 24, corn prices dropped 11 cents, soybeans fell 35 cents, while wheat was down 19 cents.
Following the March 9 Supply and Demand Report, the market seemed to be in a void of news headlines that changed, bringing fresh news to the forefront. In the weeks following that report markets seemed to focus almost exclusively on grain supply and production. Demand mattered very little. Weekly grain export loadings and export sales with numbers above the high end of trade expectations provided zero price bounces higher as the numbers were quickly dismissed.… Continue readingRead More »