Market Highlights
| The Bottom Line…March 9 2010 |
1. Overnight trade was lower for corn, wheat, and beans.
2. USDA S&Ds & revised US corn/bean production estimates out Wednesday at 7:30 am; last trading day for March futures Friday.
3. Expect a choppy session with outside markets acting as a major influence on the grain markets.
4. Average trade guesses for US carryovers:
Corn 1.716 bil bu. Vs. 1.719 in Feb vs. 1.673 last year.
Soybeans 195 vs. 210 vs. 138.
Wheat 971 vs. 981 vs. 657.
5. Average trade guess for revised US corn/soybean production estimates:
Corn 13.081 bil bu vs. 13.151 Jan vs. 12.101 08-09
Corn yield 164.5 vs. 165.2 vs. 153.9
Soybeans 3.350 bil bu vs. 3.361 January vs. 2.967 last year.
Soybean yield 43.8 vs. 44 vs. 39.7.
6. Brazil’s Conab pegs bean production at 67.57 mmt vs USDA’s 66; corn 51.38 vs USDA’s 51; Brazil’s census bureau ups its estimate to 66.9 from 66.1
7. As of this writing the stock market is slightly lower while the dollar index is trading higher. The crude market is nearly $1 lower, while gold is also lower
