Weekly Crop Commentary - 3/15/2024

Mar 15, 2024

Wes Bahan
Vice President, Grain Division

Good afternoon. First of all, we want to keep folks affected by the tornadoes last night in our prayers. We did have some very nice weather for the majority of the week, and receipts did pick up nicely as farmers decided to haul grain. The push seems to be on to get hauled what they want before they go to the fields. Corn basis for the week has been steady to a touch weaker. The ethanol producers want their bins full when the farmers hit the field, and margins have seemed to stabilize. The export market started to gain some attention with a couple sales announced by the USDA. We do have to keep in mind that there is a lot of corn that isn’t priced, so will this keep a lid on any rally? One would have to think so. Bean exports are just the opposite, as we are at the end of our typical bean shipping period. Looks like the first boat of Brazilian beans has landed on the east coast for unloading. Bean basis is steadily grinding its way lower as rallies have brought beans to the market. NOPA will be out later with crush numbers from last month. We all are patiently waiting on the quarterly grain stocks and perspective planting reports that come out on March 28th to give the markets more direction. Thanks, and have a great weekend.

Lou Baughman
Grain Merchandiser, Kenton (Region 1)

Export sales for corn were in line with USDA estimates. Wheat did meet the estimate, despite the cancellations China continues to do, but beans could not and have stumbled behind the needed stride to meet the USDA target. Thursday morning markets showed enthusiasm but couldn’t hold on to the strength to the close. U.S. and S.A. weather is the topic for discussion now, but it is too early to tell if drought concerns for either will have an impact on production.

Will Gase
Grain Merchandiser, Upper Sandusky (Region 2)

Happy St. Patrick’s Day weekend! Hope everyone stayed safe over the storm system that moved through the area last night! This week was a classic example of why having target orders in is a great idea. Tuesday and Thursday were good examples of this. Tuesday, we ended up double digits on beans. On Thursday, we saw bean prices spike up another 10+ ¢, only to watch the bean price drop to the red in the afternoon. Target orders are a great idea, so you do not have to constantly be checking the market and let the market work for you.

All eyes are focused on the planting intentions report that is coming out on March 28th. Trade estimates will slowly be coming out in the next couple weeks as everyone tries to pinpoint where they think the numbers will be. Overall, it is one of the biggest days of the marketing year. Usually, it tends to be a market mover for at least one of the commodities.

Quick reminder that our Average Pricing Programs are out for corn and beans, with deadlines to enroll on April 10th for corn, and May 8th for beans. Contact your local merchandiser to learn more about this program and enroll bushels. That’s all this week. Hopefully, the Buckeyes get a little luck from St. Patrick and get into the big dance with a win tonight against Illinois. Go Bucks, and have a great weekend!

Lisa Warne
Grain Merchandiser, Marysville (Region 4)

I can’t believe it’s mid-March already! The market continues to give and take, and sometimes the give is short-lived. On Thursday morning, we saw the nearby soybean market rally up 20¢ before ending the day down 2¢. The rally gave us a high we hadn’t seen in six weeks. Target offers are a good way to capture those wild swings when you might not catch them yourself.

Over the last few weeks, we have come off the lows in both corn and soybeans, but they’ve hit some technical resistance here the last couple days. Many of you have rewarded the market with some sales in both old and new crop. If you’re one who is still hanging on to DP bushels or have not cored your bins (I know there’s still some of you out there), it’s time to do something. Delayed Price charges are still adding up, and quality issues are definitely a concern this year.

Please keep the folks around Indian Lake in your thoughts after last night’s horrible tornado. Several other areas in our customer region (north of Raymond and in Delaware county) were also affected by possible tornadoes and severe storms. Please continue to be thankful for what we have, and stay safe!

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