Corn prices have dropped off a bit despite positive news filtering in over the last week. Thursday’s Greenville cash corn is 16 cents lower than a week ago, while nearby March futures contracts are also 16 cents lower than a week ago. Export demand has remained steady with 886,825 tons inspected for export, up from the 736,756 tons exported this week a year ago. Looking forward, there is still a positive tone to the market with an expected decline in planted acres this spring, but with the struggling soybean market may also pull corn down with it.
Soybean markets have held steady over the last week with strong demand and a slow South American harvest. South America is still expected to bring in a record soybean harvest this year, although it may be slightly smaller than previously expected. U.S. soybean exports have remained strong, with the USDA reporting 1.522 million tons inspected for export over the last week. China has made some large purchases over the last week to ease concerns of their cancellations earlier this month. As of Thursday, Greenville cash soybeans were a penny lower on the week and more than $3.00/bu lower than a year ago.
Wheat prices have continued to drop after leveling off two weeks ago. Greenville cash wheat is trading 29 cents lower than a week ago and nearby wheat futures are also 29 cents lower on the week. Weather conditions in the Black Sea region have been favorable and rain is expected to move through the Southern Plains over the weekend, which will improve soil moisture conditions going into spring. Exports were better than expected, with 263,035 tons inspected but are still well below last year’s export numbers.
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