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March 5th- Midday Market Commentary

04/05/2021
March 5th- Midday Market Commentary

Grains are mostly higher at noon:

Corn – 5 ½ cents/bu (May @ 5.54 1/4)

Soybeans + 14 ¾ cents/bu (May @ 14.16 3/4)

Chi Wheat + 4 ½ cents/bu (May @ 6.15 1/2)

Cdn $ +0.00260 (79.850 cents)

WTI Crude Oil -3.40/barrel (58.05)

The USDA announced a sale of 130,000mt (4.8 million bushels) of U.S. soft red winter wheat for 2021/22 delivery to unknown destinations.

The export inspections report was released this morning for the week ending March 1st. Corn and soybean exports were on the higher end of expectations, with wheat surpassing expectations. Wheat export shipments to date exceed the seasonal pace needed to hit USDA’s target by 27 million bushels (24 million previous week), while soybean shipments exceed by 258 million bushels (274 million), and corn shipments exceed the pace by 106 million bushels (88 million).

In Million Bushels

Actual

Estimates

Last Week

10-Week Average

Corn

75.3

43.3-82.7

67.7

64.6

Soybeans

11.0

5.5-18.4

16.2

39.4

Wheat

21.8

11-20.2

11.3

17.4

NEW- Agronomy Email Commentaries

Wanstead Farmers Co-operative is excited to be announcing that we are providing a new service of weekly emails on local crop analysis! Each Wednesday, Wanstead will send out an email of crop information that our agronomists feel is important. This may include what they are seeing while crop scouting, what local farmers are doing in the fields this week, and what farmers should watch out for, or be aware of. We know that it is harder to have your coffee house chats, so we wanted to provide a service that helps our Wanstead customers stay connected to their farming community. If you are interested in receiving these updates, please send me an email and I will add you to the list! 

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