Neutral numbers for March 11

By Doug Tenney, Leist Mercantile

Neutral is negative as it lacks bullish news.

No changes in U.S. corn or soybean demand. Ethanol and corn exports unchanged. Soybean crush and exports unchanged. U.S. wheat exports cut 15 million bushels.

Traders were looking for corn used for ethanol to increase at least 10 million bushels. Last month USDA pegged that number at 5.5 billion bushels. In addition, U.S. corn exports could also increase 10 million bushels. Feed, seed, and industrial corn usage comprise the largest single corn demand line at 6.890 billion bushels. U.S. corn production last year was 14.867 billion bushels. Little demand changes were expected for U.S. soybeans.

Potential hot spots for a surprise would include soybean and corn production in Brazil and Argentina with both excessive rains and heat extremes the last three weeks. Brazil received the rains and Argentina received limited heat extremes.

After the report was released, corn was up 1 cent, soybeans unchanged, and wheat down 6 cents.… Continue reading