FacebookTwitter
Mercer Landmark, Inc.
Mercer Landmark :: Grain :: Comments

Click here for CHS Hedging’s Market Commentaries



January 16, 2019 : Market Summary

Market Report

Wednesday January 16th, 2019

March 19 corn closed up 2 ¾ at $3.74 and December 2019 closed down 5 ¾ at up 2 ¾ at $3.99 ¼. March beans closed up 1 ¼ at $8.94 ½ and November 19 closed unchanged at $9.37 ½. March wheat closed up 1 ½ at $5.12 ½ and July 19 closed up 2 ½ at $5.23. Crude oil closed up $.22 at $52.61.

The corn market managed a somewhat anemic bounce, recovering one-third of the prior day’s losses. To be fair, the market did defend those gains all day, which is a minor victory, and the higher overnight open did leave behind Tuesday’s close. Managed Money traders bought at least 5,000 corn today, which would take their net length back up to an estimated 40,000 combined futures and options. Today was clearly “buy the break” day, particularly for world corn buyers. The most notable was South Korea. Their various major grain buyers picked up 266,000 MT, which was their largest purchase in at least one month. Prices paid suggest U.S. origin.  Turkey and Iran are both in for a good chunk of corn, too. The former will likely go Black Sea, the latter will, too, assuming they can get around sanctions.

The weekly EIA report played out relatively close to our expectations. The surprise was a larger-than-expected bump in production, which rebounded with a vengeance, surging 5% higher after making a nine month low in the prior report.  We were looking for a 3% increase. Weather has receded to a background issue given the variability in Brazil crop conditions.  The dry pockets are mostly in the center south, interior far-south production areas, and the northeast.  Argentina summer crop areas remain in mostly good shape, while South Africa still needs more rain.  Parts of the U.S. Midwest buckling up for another winter storm this weekend.

The soybean market continued to test its key chart support but was unable to break down and instead reversed higher late in the session. It felt like they were trying to break the market into stops but couldn’t get it done. This can be seen as a minor victory of sorts that could promote another short term recovery while the underlying fundamentals have long term demons that have yet to play out. Meal similarly found support and reversed as it approached its uptrend.

The ongoing bullish factors for soybeans are the optimism for a trade agreement with China that removes tariffs and includes sizeable sales commitments. Spotty weather in Brazil has taken off the top end of that crop likely reducing production potential below last year’s record. US crush demand continues to produce monthly records thanks to plentiful bean supplies and profitable margins. The recent slowdown in ethanol demand has firmed distillers values leaving soybean meal as a cheaper alternative protein for feed rations. This has firmed demand for meal in domestic feed channels.

The ongoing bearish factors for soybeans are the supply side realities with US carryout stock most recently projected by the USDA at 955 million bushels, more than double last year’s carryout of 438 million bushels. This is partly due to the trade war which has hit export demand but also and importantly due to overproduction where planting around 90 million acres the past two years with record/near record yields outproducing even the most optimistic demand scenarios. Current price relationships do not imply a sizeable shift away from soybean acres in the US this spring, potentially further inflating US supplies into next year. World supply side realities with Global soybean stocks most recently estimated by the USDA at 115.33 mmt compared to 101.3 mmt last year. Argentina soybean production expected to rebound with recent trade estimates generally falling in a 53-55 mmt range compared to 37.8 mmt last year taking Southern Hemisphere combined production up year over year despite challenges in Brazil and Paraguay. Demand from the world’s biggest soybean buyer, China, is weakening significantly partly due to diversified protein usage during trade war but also, increasingly, due to the expansion of African Swine Fever that has led to a culling of hog herd.

After a rough stretch to the start the week, the wheat complex was able to post marginal gains overnight, and more gratifying, was able to hold those gains during the day. It wasn’t always pretty, but all three classes of wheat were able to post some sort of gains. For wheat, trade is entering a very important time frame. For the past six months the USDA has kept telling us that demand for US wheat will pick up during the second half of the marketing year. Well, here we are. Any wheat purchased now will not get to its destination until mid-March. Wheat futures have drifted back down towards the lower end of its recent range and into an area where the past several times we have seen demand surface. Have not seen it yet, but it is imperative that this trend continues, especially now as we await the government to re-open, so we can start getting USDA reports.

The most significant of the reports being the acreage data. Regardless of what the Russian Ag Minister says, whether they will monitor their wheat exports or whether they say they are not discussing limits on grain exports abroad, as their wheat stocks diminish they will eventually price themselves out of competition. It will be at this time when the US will have to be competitive enough to win some of that business. We already have seen it with the GASC tenders, we now need to start seeing it elsewhere. The longer the US is uncompetitive and/or is unable to win any business, the bigger the chance that wheat futures will find selling on rallies and will be unable to extend. There are no guarantees that China will buy US wheat, and although there are expectations, there is no promise that winter wheat acres will be lower year over year.

Anna Kaverman

anna@mercerlandmark.com


January 15, 2019 : Market Summary

Market Report

Tuesday January 15th, 2019

March 19 corn closed down 7 ¼ at $3.71 ½ and December 2019 closed down 5 ¾ at $3.96 ½. March beans closed down 10 ¼ at $8.93 ¼ and November 19 closed down 9 at $9.37 ½. March wheat closed down 3 ¼ at $5.11 and July 19 closed down 4 at $5.20 ½. Crude oil closed up $1.59 at $52.39.

Early, corn appeared ready to stand alone atop the grain room once again, mustering up decent gains overnight while beans and wheat were softer. It was all downhill from there, though, as corn finished right at the bottom end of a $.10 range. Managed Money traders were viewed net sellers of 15,000 corn today, and will head into tonight net long just under 35,000 combined futures and options.

Hate to say it, but without government reports and a coherent weather story, the ag markets are living and dying with each China rumor. Shortly after the grain open, comments attributed to lead U.S. trade negotiator quickly sent markets into a tailspin. For a couple weeks, the market has been inundated with positive vibes on China. Lighthizer expressed his disappointment in this week’s negotiations. As we have warned, it will take time to hammer out a complete, big-picture trade deal with China given the number of complex issues outstanding. The ag markets are merely hoping for a scrap off the table, such as trade confirms on recent export business. It was confirmed overnight that China booked some U.S. Crude Oil(6 mil bbl to be exact).

There was also a little bearish world news around early.  Ukraine just keeps finding more bushels, proving the old adage “big crops get bigger.” APK-Inform was the latest private analyst to raise their crop projections there. The USDA’s latest estimate from Dec pegged Ukraine corn exports this year at 28 mmt, up almost 10 mmt yr/yr, though a lot of that increase will likely go to Europe (and indeed, already has). Brazil crop conditions remain variable, though they will garner more attention the closer we get to safrinha corn planting. The dry pockets are mostly in the center south, interior far southern production areas, and the northeast. Argentina summer crop areas remain in mostly good shape, while South Africa still needs more rain.

The soybean market broke down for a test of the uptrend that has supported the recovery rally over the past four months. A combination of technical selling, macro selling off a sharp rally in the dollar and a growing sense of frustration at the lack of a trade breakthrough with China led to a tough day for the grains.

The US and China will resume face to face talks in Washington on January 30-31. Talks on Chinese purchases of US ag and energy have progressed but the larger issues of intellectual property and forced transfer of technology remain unresolved as US Trade Rep Lighthizer stated that he ‘saw little progress in last week’s talks with China on structural issues, IP protections’.   That may be the case, but it is also important to remember that both sides are actively negotiating and posturing heading into the next round of talks. Expect to see lots of good cop/bad cop headlines coming from both sides. Meanwhile, China asked some state-run enterprises to avoid business trips to the U.S. and its allies and to take extra precautions to protect their devices if they need to travel.

Wheat price action was a little better for most of the night, but in the hour leading up to the morning pause all three classes of wheat started to breakdown and they would all eventually finish the night flat to slightly lower. The selling leading up to the morning pause seemed to resonate from beans and meal, but the weakness trickled down into corn and wheat. Shortly into the start of the day session a statement was released from US Sen Grassley that said that US Trade Rep Lighthizer suggested there was little progress in last week’s trade talks with China. This was all that was needed to ignite additional selling, but wheat was somewhat immune as most of the weakness was seen in corn and soy.

It is hard to say whether all three classes of wheat found much better support, or there is little interest at pressing wheat at these levels. Maybe a little of both, but it is hard to blame traders for wanting to sit on the sidelines as the longer the government is shutdown, the longer we go with no USDA reports, and that makes it more difficult to maintain any enthusiasm. Without USDA reports, there are not many other influences around to spark a rally. Demand is the one constant motivator, but outside of Japan in for their semi-usual weekly tender, the export lineup is basically nil to start this week. A far cry from what we saw this time last week. We already know the next round of trade talks between the US and China is not scheduled until the end of the month, and when a key representative in the negotiations expresses some disappointment at how talks are moving forward, it should be a red flag.

Anna Kaverman

anna@mercerlandmark.com


January 14, 2019 : Market Summary

Market Report

Monday January 14th, 2019

March 19 corn closed up ¼ at $3.78 ½ and December 2019 closed up ¾ at $4.02 ¼. March beans closed down 6 ¾ at $9.03 ½ and November 19 closed down 5 ½ at $9.46 ½. March wheat closed down 5 ¼ at $5.14 ¼ and July 19 closed down 5 at $5.24 ½. Crude oil closed down $1.11 at $50.80.

The corn market featured a mixed start to the week, trading both sides of unchanged at times, ultimately finishing fractionally better on the day. Though it was very quiet overall, it had to be encouraging for aspiring corn bulls to see the market assume the mantle of “upside leader” in the grain complex of the day, largely fending off weakness in beans and wheat. Managed Money traders were viewed small net buyers today, and will head into tonight net long just under 50,000 combined futures and options.

Fresh news remains hard to come by in corn, particularly with most gov’t reports on hiatus. World corn markets were mostly lower heading into the day. Matif Corn is continuing its recent corrective effort after rallying throughout Dec and into early Jan. China is perhaps more interesting. The Dalian market was weak overnight, and remains near contract lows for the most actively traded May contract. It is difficult to say whether this is due to expectations of ramped up imports (from the U.S.), or is a negative externality from the country’s ongoing battle with African Swine Fever. Possibly a combination of the two. Government procurement efforts on corn continue to lag behind what is typically the case (perhaps due to the lower prices).

The USDA did surprise some by offering up their mid-day grain inspections report. It was believed the release may be delayed due to a snowstorm in DC.  Much like many current market factors in corn, the report was a good/bad news prospect. Corn inspections more than doubled coming out of the holiday week, and was also 30% greater than the equivalent year ago week. The bad news is weekly inspections are still falling short of the level needed to achieve USDA sales goals (now roughly 1.3 mmt/wk). Still, the YTD inspection tallies are in good shape, seen at 19.5 mmt vs. 12.1 mmt shipped out this time last year.  There remains no lack of export interest around the corn market; but buyers are being aggressively courted by other suitors, such as Ukraine and South America.

The soybean market was the weak sister of the grains today (with meal a close second) as we revisit the $9.00 support level on March beans. January futures expired at noon. The weekly charts in the soy complex will get an early boost this week from the roll to March front month. That is particularly important for meal because it will close the gap lower to start the week. Trade volumes were minimal, cash was quiet with no farmer selling. Fresh inputs were sparse.

The primarily influences today were weather, poor Chinese economic data and African Swine Fever. Brazil saw some light weekend rains across the center-west of the country which are certainly welcomed even they don’t solve the overall drought.  Dryness in the center-west and the north-east along with flooding in north-east Argentina are issues to pay attention to but the weekend rains helped the market relax some today.  Chinese data published yesterday showed their economy continues to slow and this had world markets under pressure overnight and into today. Chinese soybean imports in 2018 were 8% lower year over year. Partly due to the trade war but also due to reduced feed demand. Yet another case of ASF has been reported in the Jiangsu province of China as this soy demand killer of a disease continues to spread throughout the country. The concern is that even with a trade war resolution, if you get one, China’s buying habits are being altered by this new reality. The next round of US-Chinese trade talks will take place in Washington on January 30-31 where high level trade representatives including Lighthizer and Liu. March 1 is the current deadline to reach a trade deal or else the US will raise existing tariffs from 10% to 25%.

After a lower finish to the overnight, the wheat complex did try to firm a bit once we moved into the day session. Thanks mostly to the early strength in corn, but as the corn rally fizzled there was nothing left to keep wheat prices firm, and wheat futures drifted aimlessly lower the rest of the day. Volume was very light. Reminiscent to Holiday themed trade, but it is hard to blame traders for sitting on the sidelines as the longer the government is shutdown, the longer we go with no USDA reports, and that makes it more difficult to maintain any enthusiasm.

Without USDA reports, there are not many other influences around to spark a rally. Demand is the one constant motivator, but the export lineup is basically nil to start this week. A far cry from what we saw this time last week. Eventually Russian wheat exports will slow, and more business will come to the US, but no one can say for certain when that will be. Over the weekend the Russian Grain Minister confirmed its total grain export forecast of 42 MMT, and said they are not planning on holding another meeting on grain exports until February. Does not sound like they are too concerned about wheat exports and that was behind Friday’s rally. China can change the dynamic to trade if they commit to US wheat, but the next round of trade negotiation between the US and China is not until the end of the month.

Anna Kaverman

anna@mercerlandmark.com


January 11, 2019 : Market Summary

Market Report

Friday January 11th, 2019

March 19 corn closed up 2 at $3.78 ¼ and December 2019 closed up 2 ½ at $4.01 ½. March beans closed up 3 ½ at $9.10 ¼ and November 19 closed up 4 at $9.52. March wheat closed up 5 ¾ at $5.19 ½ and July 19 closed up 5 ¼ at $5.29 ½. Crude oil closed down $1.00 at $51.91.

FOR THE WEEK ENDED 1-11-19

CORN – Well, it’s official.  The January WASDE, quarterly grain stocks, and winter wheat seeding reports will all be delayed until after the government reopens.  The longest shutdown has been 21 days, which we matched on January 11th.  Add to that the absence of any export sales reports and here we sit in the $3.72 ½ to $3.84 ½ per bushel trading range we’ve been in since December 19th.  The sign up for the Market Facilitation Program will be extended for the same number of days the government was closed.

Demand news was scarce, but there was chatter China would be in the market for US ethanol or DDG’s.  Nothing materialized from the trade talks and there was nothing to suggest business was done in the export numbers.  Weekly ethanol production pulled back 1% to its lowest level in nine months, down 11,000 bpd to 1.0 million bpd.  Ethanol stocks increased 100,000 barrels to 23.3 million barrels.  Margins were down a penny to a negative 5 cents per gallon.

Conab refreshed their Brazilian corn production forecast this week with a small increase to 91.2 mmt.  Safras was higher at 93.4 mmt, and Agroconsult came in at 95.6 mmt.  The USDA in December was using 94.5 mmt. The Rosario Grain Exchanged put Argentina’s corn crop at 44 mmt versus 42-43 mmt last month and the USDA’s 42.5 mmt outlook. China’s corn estimate for this year’s crop caught up to their previous revisions, putting it at 257.3 mmt versus 215 mmt previously.  The last USDA estimate was 256 mmt. China cut their 2018/2019 corn import forecast from 2.5 mmt to 1.5 mmt.  Neither update was unexpected by the trade.

Weekly export inspections continue to be reported, despite the government shutdown.  Corn inspections were 19.7 million bushels, a big disappointment to trade expectations for 25.6-39.4 million bushels.  This was the lowest of the marketing year.  Cumulative exports are up 61% from last year, but for the last five weeks they have been below the 46 million bushels we need to average to hit the USDA’s 2.45 billion bushels export forecast.

If and when we get a WASDE report, the trade is anticipating the US corn carryout at 1.694 billion bushels, down from December’s 1.781 billion-bushel forecast.  World carryout is expected to average 307.32 mmt versus 308.8 mmt in December.  The average trade guess for Argentina’s corn crop is 42.39 mmt and for Brazil 94.31 mmt.

OUTLOOK: For the week, March corn gave back over half of last week’s gains.  This week, March corn was 4 ¾ cents lower at $3.78 ¼, July fell 4 cents to $3.94 ¼, and December dropped 2 ½ cents to $4.01 ½ per bushel.  South American weather and China will continue to be driving force in nearby price direction.

SOYBEANS – It’s sort of surprising how dependent we get on government reports, even though at times we question their accuracy.  Without any progress on getting the US government up and running, the market’s attention focused on South American crop estimates.  Conab published their newest Brazilian soybean production number at 118.8 mmt but left their export forecast at 75 mmt.  This was down 1.3 mmt from their previous estimate, but not low enough versus trade expectations.  Brazil last year produced a record 119.3 mmt of soybeans.  The market slumped lower on the figure and posted double digit losses on the day of the announcement.  For comparison, other Brazilian soybean production estimates also updated this week:  Safras at 115.7 mmt, Agroconsult at 117.6 mmt, and AgRural at 116.9 mmt.  The last USDA number was 122 mmt.  Southern Brazil’s rain profile is improving, but the northeast and central areas need more rain.  However, in Argentina the weather has been favorable for the corn and soybean crops, despite areas that received heavy rain and may need to be replanted.

Nothing concrete was announced at the conclusion of the three days of trade meetings (they were extended one day before the original time frame) in Beijing, but the word was good progress was being made.  Reportedly, a Chinese official will be traveling to the US in the coming week for additional talks, and again more talks are rumored to take place at the end of the month.  Some in the trade have already assumed China has bought up to 5 mmt of US.  But who knows without confirmation from the USDA.  If true, and we see the announcement at a later date, it may have limited impact on prices.  Others believe they not only have bought US beans, but they have bought all they will buy.  Even without the tariff in place, US soybeans are priced at a premium to Brazilian soybeans.  There is also the unanswered question of how much China’s demand has fallen due to the African swine fever across their country and their push to reduce protein feed levels.

Is China’s economy suffering more than ours from the trade war?  China’s PPI rose just 0.9% in December versus an increase of 2.7% in November.  This was the largest month to month decline since late 2015. Weekly export inspections were 24.7 million bushels and neutral to the trade.  Inspections need to average about 35 million bushels per week to achieve the USDA’s 1.9-billion-bushel export target.

The average trade guess for the next WASDE report, whenever that is, for US soybean carryout is 904 million bushels versus 955 million bushels in December.  World soybean carryout is estimated to average 114.36 mmt versus 115.33 mmt in December.  The average trade outlook for Brazil’s soybean crop is 120.13 mmt and 55.29 mmt for Argentina’s bean crop.

OUTLOOK:  The daily closes in March soybeans were like a seesaw this week, up one day, down the next, throughout the week.  For the week, March soybeans lost 11 ¼ cents to settle at $9.10 ¼, July dropped 9 ¾ cents to $9.36 ¼, and November declined a nickel to $9.52 per bushel.  There are many unanswered questions in the soybean market and it doesn’t look like we’ll get any firm answers anytime soon.  Until then, the bulls want to be fed daily.  March soybeans have set up a trading range of $8.80 to $9.30 per bushel awaiting something new to happen with South American weather or China.

Wheat- Egypt’s GASC bought 295,000 tons of Russian wheat for Feb 20-28 shipment, and 120,000 tons of Russian wheat for March 1-10 shipment. Lowest price was price was $263.45/ton C&F. US SRW was the cheapest FOB at $239/ton, which puts it at about a $7-10 premium to Black Sea with freight. The Russian Ag Ministry says their grain exports are up 5.1% from a year ago, at 28.2 million tons. Grain inventories are down 19.4% YoY at 42.4 million tons. US wheat inspections were very poor, coming in well under the low expectation this week. Inspections are be-hind the USDA total by 144 million bushels. Spring wheat made up just over half of the inspections.

Anna Kaverman

anna@mercerlandmark.com


January 10, 2019 : Market Summary

Market Report

Thursday January 10th, 2019

March 19 corn closed down 5 ¾ at $3.76 ¼ and December 2019 closed down 5 at $3.99. March beans closed down 17 ¼ at $9.06 ¾ and November 19 closed down 14 ½ at $9.48. March wheat closed down 6 ¼ at $5.13 ¾ and July 19 closed down 6 ½ at $5.24 ¼. Crude oil closed up $.22 at $52.91.

The markets were clearly primed for good news; suffice to say, the bull did not get fed today. Futures slowly extended losses through the session, ultimately finishing five-plus cents lower.  The market closed into a one week low. Managed Money traders were viewed net sellers of about 10,000 corn today, which would leave them net long 45,000 combined futures and options.

Today was supposed to be “resolution Thursday”.  CONAB was the first to disappoint. Against the recent drumbeat of “hot and dry” in Brazil, many analysts were looking for a surprise reduction of crops. Brazil’s government did indeed reduce soy crop expectations, but perhaps not as much as many private analysts were hoping. They actually increased full year corn estimates fractionally, taking the first crop up to 27.45 mmt vs. 27.37 mmt prior estimate. They maintained a full 18/19 year corn export forecast of 31 mmt, which compares to 23.5 mmt last year, and the USDA currently at 29 mmt. Private analysts at AgroConsult later affirmed the export projection, despite recently reducing their crop estimates on the weather?  There was also some Argentine crop estimates around today; Rosario pegged the corn crop at 44 mmt, up from the prior range estimate of 42-43 (and well above last year’s drought-shortened crop of 32 mmt).  The corn crop is now said to be 86% planted, advancing 3.5% wk/wk.

The second area of disappointment was China. They did release a joint statement following three days of mid-level trade negotiations with the U.S., but it provided no real specificity with regard to potential Chinese commodity purchases. That’s not to say they won’t buy any corn, but the waiting game continues, and commodity traders tend not to be the patient type!  U.S. corn export biz has no doubt slowed some, particularly relative to more rosy forecasts. Some floating the idea China may remove some import duties next month to get the ball rolling. South Korea was finally back in for corn today, picking up a cargo.  Add to that the lack of information amid the U.S. gov’t shutdown, and it is very difficult to rally a market such as corn in a vacuum. Export sales were not released this morning, nor will CFTC positioning data be released tomorrow afternoon.  End-user markets were mixed; spot hogs, spot cattle, and dairy, a little better, while ethanol and deferred hogs were a little lower.

The soybean market broke sharply where besides the well-known supply side realities you had a few developments that helped set the market back off its latest recovery high.

1)  The Chinese response to this week’s trade meeting lacked the specifics on Ag purchases that the market was anticipating would be revealed.  The comments were optimistic and in sync with the US response, but we didn’t get detail on the quantities of Ag to be purchased or the timing of those purchases.

2)  The CONAB estimate on Brazilian soybean production at 118.8 mmt was bigger than the trade is plugging in.  At only .5 mmt below last year’s record crop, the CONAB estimate told the market there are no disasters here. In the absence of a USDA WASDE update this report took on more significance than usual.  To be fair, their estimate as of Jan 1 and doesn’t account for the past 10 days were additional loss was likely in the center west and north east.

3)  The weather forecast continues to promote rains for the second week of the outlook across that key center west region of Brazil.  If they materialize it would help to stabilize production declines.

As the market began to liquidate its recent length in the first hour we found some stops took us down to our lows where we spent the balance of the session trading sideways for the most part.

The products were not immune to the selloff either and the combined meal and oil losses ended up going deeper than the beans so board crush margins lost 2 cents to settle at $1.00/bushel. Elsewhere in the news, AgroConsult estimated Brazil 18/19 Soybean production at 117.6 mmt, that compares to the group’s previous forecast at 122.8 mmt.  They lowered yields to 54 mt/hectare compared to the 57 mt/ha last season. It was noted that Mato Grosso and Parana drought conditions have damaged some 3.5 mln mt of soy. They see Brazil 18/19 Corn production at 95.6 mmt up from last season’s 80.8 mmt.  Brazilian bean exports were est. around 73.0 mmt, and corn exports around 31.0 mln mt

Wheat price action was slightly lower throughout the night and it did not get any better during the day. The optimism that surrounded trade since the first of the year came to a screeching halt today, and all three classes of wheat finished the day between six and seven cents lower. So, what was behind the weakness we saw today? The results of the GASC tender that closed Wednesday was not very encouraging, the plethora of tenders this week have now concluded, the China talks which wrapped up earlier this week resulted in nothing new, the break in the US Dollar has subsided for the time being and because of the government shutdown, we will not get a USDA acreage report tomorrow to possibly confirm expectations of lower acres year over year. When you throw in this morning’s CONAB’s data, which was probably in line with estimates, but still a couple million above where the market is probably trading thus negatively impacted price action in bean and meal, it created a perfect storm and the entire grain floor found selling all day.

Looking ahead to Friday, it will be important for the wheat complex to find some stabilization. From a technical standpoint, today’s break did very little, but another lower settle tomorrow probably changes that. Chicago March traded above but has not been able to settle above the Christmas week highs, and trade will need a settle above those highs to get the bull back to being enthused about wheat. That may be tougher said than done as the export lineup has dried up, the China talks have concluded and there is still no confirmation that China bought or is willing to buy any wheat, and with the government shut down, there are no USDA reports.

If we had a government report on Friday, the average estimates of traders and analysts for total winter wheat acres comes in at around 32.279 mil acres. The total includes 22.727 mil acres of HRW wheat, 6.019 mil acres of SRW wheat and 3.486 mil acres of White. Keep in mind, late last week Informa pegged total Winter wheat seedings much below this average guess – at 31.513 mil acres.

Anna Kaverman

anna@mercerlandmark.com


Return to Top
For questions or comments, contact webmaster@mercerlandmark.com.