Markets Mostly Weaker in Quiet Trade

Final Reminder to Participate in FBN’s Acreage Poll

• To complete the acreage poll, click here.
• Thank you to those members who already have completed the poll.
• There are several reasons why participation is encouraged.
• First, USDA’s March Prospective Plantings report will be one of the most closely watched reports released by USDA in years.
• That means there could be big swings in futures values.
• Second, Our 20,000 FBN farmers are in a unique position to share their acreage intentions for their own benefit, which is a key tenant of FBN’s mission - helping farmers; we want to use your data to benefit you.
• Finally, results will be provided March 19 in a formal report to be emailed on March 20, several days prior to USDA’s report, giving you time to make pricing decisions.
• The report will include guidance on any marketing strategies based on the results of the poll as well as our opinions on fundamentals.

FBN’s Take On What It Means: We encourage all members to participate. This will give FBN key insights ahead of USDA’s report on March 31, which likely will be market moving. In essence, the more participation we have the better our results will be and the better positioned you can be ahead of March 31.

China Buys More U.S. Corn

• Yesterday, US exporters announced sales of 1.156 million tonnes (45 million bushels) of corn to China through USDA’s daily reporting system.
• Weekly export inspections to China were 14 million bushels, the highest level in at least 26 years.
• The reported sales come just in front of a meeting of top US and Chinese representatives scheduled for Thursday in Alaska.
• China may make further purchases due to strong demand from the refining industry as well as from feed makers.
• Feed mills have the option to use cheap state supplied wheat or imported sorghum to replace corn, while other processors do not.
• The latest USDA forecast puts purchases at 24 million tonnes in the current marketing year.
• China’s domestic prices have retreated from record highs in mid-January, when China bought 6 million tons of US corn in a week, but remained above import values.

FBN’s Take On What It Means: China is the second largest corn consumer in the world. In the longer term they plan to shift more farmland to grains, including corn, and away from other cash crops, to ensure food security. In the short term China may still be short of corn, and though the difference to local prices has narrowed about 20%, more import purchases are likely, which in turn helps support prices here.

FBN Market Advisory services are offered by FBN BR LLC, dba FBN Brokerage, FBN BR and FBN Market Advisory (NFA ID: 0508695)

The risk of trading futures and options can be substantial and may not be suitable for all investors. Past performance is not necessarily indicative of future results.

This is not an offer or solicitation in any jurisdiction where we are not authorized to do business or where such offer or solicitation would be contrary to the local laws and regulations of that jurisdiction, including, but not limited to, persons residing in Australia and Canada.