Grains Firm in the Overnight

Headlines

Grains firm in the overnight. Planting pace is lagging but no alarms yet. Record soybean crush in month of March. Export Inspections within trade expectations.

Crop Progress

U.S. Corn planting is 3% complete vs five-year average of 5% complete. Spring storm has dumped snow across the Dakotas and upper Midwest delaying prospects for fieldwork and increasing the possibility for significant planting delays in the region. The cold temperatures throughout the Midwest, Plains and Delta will keep soil temperatures below 50 degrees through the weekend. Missouri, Tennessee and Kansas lag behind normal planting pace. Missouri corn planting is 4% complete vs.18% 5 YR Average. Kansas corn planting is 6% complete vs 15% 5 YR Average. Tennessee corn planting is 11% complete vs 16% 5 YR Average.

KCBT Winter Wheat

Winter wheat conditions showed 31% of the crop was rated good-to-excellent which was up 1% from last week. Winter wheat rated poor-to-very poor increased to 37% from 35% LW. Winter wheat is now 9% headed vs a five year average of 10% at this time.

Rains are forecast to bring central and southern plains precipitation starting Friday and continuing through the weekend. However, the recent weather models have scaled back total precipitation amounts and reduced confidence in the placement. Precipitation will be beneficial to KCBT wheat, but traders will be left guessing if event will improve or only stabilize crop conditions.

NOPA Crush Report

National Oilseed Processors Association reported a record soybean crush for the Month of March with 171.858 million bushels crushed vs. expectations of 168.247 million bushels. Soyoil stocks were reported at 1.946 billion lbs which was below trade estimates of 1.962 billion lbs.

Export Inspections

Corn, soybeans and wheat inspections were within trade expectations this week.

*几千吨s

China Announces Deposit Requirement on U.S. Sorghum

China Commerce Ministry reported a new deposit requirement by importers of U.S. Sorghum. Importers must make a deposit of 178.6% percent as a result of the probe on U.S. sorghum. China reported that they will continue to investigate U.S. Sorghum to make a final ruling. CHS, Planter’s Grain Co-Operative and J&C Farms were among some of the companies affected by the new deposit requirement.

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—Kevin McNew