Afternoon Grains

March WASDE Aftermath

USDA released their March WASDE projections this morning. They added to the corn carryout by cutting exports another 75 million bushels pushing the carryout to 1.342 billion bushels which on the face of it is not a bearish level but with futures above 6.30 the market found some sellers. Soybeans fared much better with a lower carryout thanks to 25 million bushels added to exports and only 10 million bushels coming out of the crush. Leaving a tight 210 million bushel number. On the bullish side, the USDA pulled the Band-aid off Argentina production dropping soybeans 8 MMT and corn by 7MMT to 33 MMT & 40 MMT respectively. These levels were not a surprise other than they didn’t make those cuts over a couple of reports instead of just one. This helped keep the soybean market a little better than unchanged on the day. The critical levels we are watching for corn is a close below 6.20 in May and 5.51 in December. For soybeans, we will be watching 15.05 in May & 13.63 in November. NFC Grain Afternoon Comments. (24)

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