Mar 17, 2021

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.

FBN
FBN

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.


Kevin McNew

Recently Added to Buyer's Guide

Bovizyme™ GA Enzyme

  • Enzyme solution that improves starch digestion efficiency for non-steam flaker feed yards
  • Improved feed efficiency through increased bodyweight gain and lower feed intake

VersaMix Triple Shaft Mixers

  • For mixing applications requiring efficient powder dispersion and critical homogenization of medium to high viscosity slurries, pastes, gels, creams and suspensions
  • High-shear mixer with solids/liquid injection manifold (SLIM) technology rotor/stator

GUC-F Controller

  • Multichannel feeding and dosing controller
  • Control solution for feeding and weighing applications in powder handling applications
  • Flexible and modular design with analog and digital load cells

ProFlo

  • Offers accurate and reliable continuous mass flow measurement of bulk solids with an accuracy of +/- 0.5% full scale
  • Measures mass of flowable solids with densities of 10 to 100 pounds/cubic foot and flow rates from 700 to 7,000 cubic feet/hour

Hydro-View

  • 10.1” touchscreen
  • Easy to install in new or existing systems

Sanderson Farms Feed Mill Expansion - Kinston, NC

  • Construction of a whole grain silo expansion (76’ diameter x 145’ tall) to hold 500,000 bushels
  • Expansion also includes a 12’x17’x22’ deep boot pit extension at the end of the existing receiving tunnel

Magazine

Marketwatch: Jan, 23

US Corn Price Idx: ZCPAUS.CM

open: 5.9581
high: 6.0469
low: 5.9312
close: 6.024

US Soybean Price Idx: ZSPAUS.CM

open: 13.7453
high: 13.8187
low: 13.6381
close: 13.7007

US Hard Red Winter Wheat Price Idx: KEPAUS.CM

open: 7.7319
high: 7.8293
low: 7.6894
close: 7.7295

US Soft Red Winter Wheat Price Idx: ZWPAUS.CM

open: 7.428
high: 7.503
low: 7.373
close: 7.3929