Market
Report
Market Summary - Tuesday,Mar.9
The grain markets closed lower today.
May and december corn closed down 6 cents, May and July wheat closed down 5 1/2 cents, May beans closed down 1/2 of a cent, and November beans closed
down 3 1/2 cents.
The outside markets were relatively quiet at midday today, with little impact on grains. At midday the dollar index was up 18 points, crude was down 21 cents, gold was down $3, and the stock market was up 53 points.
Corn was pressured in part today by ethanol usage concerns with some negative margins this past week, and by chart selling. There was also some pressure from forecasts calling for dry
conditions for parts of the Midwest over the next couple of weeks.
The Senate was set to vote today on an updated jobs bill that included a one year extension of the $1 per gallon biodiesel tax credit. But it was not certain if there were enough votes to pass it.
Of course the main focus today was tomorrows USDA reports.
The average trade estimate for 2009/10 corn production is 13.081 billion bushels, down 70 million from the last USDA report, but ending corn stocks are expected to be nearly unchanged at around 1.716 billion bushels due to reduced usage.
The average trade estimate for bean production is 3.360 billion bushels, nearly unchanged from the last USDA estimate. The average trade guess for ending bean stocks is 195 million bushels, down from the USDAs last estimate of 210 million bushels.
Big South American crops could weigh on both corn and beans. Market analyst
Dr.Michael Cordonnier now estimates the Brazilian corn crop at 53.0 million metric tons, vs last years 51
mmt crop. He estimates the Argentine corn crop at 20.5 million tons, up sharply from last years drought stricken 13.0 million ton crop.
He put the brazilian bean crop at 66.0 million tons,up from last years 57.0 million ton crop, and the Argentine
bean crop at 53.0 million tons, also up sharply from last years 32.0 million ton crop.
Joe Brossman
Mercer Landmark
419-965-2121
joeb@mercerlandmark.com
Board Prices As Of
March 9, 2010
| Branch |
Current |
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New |
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| Celina |
419-586-4203 |
| Corn | 3.47 | | 3.62 | | | | Beans | 9.16 | | 8.71 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
|
New |
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| Convoy |
419-749-2226 |
| Corn | 3.22 | | 3.62 | | | | Beans | 9.18 | | 8.73 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
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New |
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| St.
Henry |
419-678-2348 |
| Corn | 3.54 | | 3.62 | | | | Beans | 9.16 | | 8.71 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
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New |
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| Chickasaw |
419-925-4326 |
| Corn | 3.44 | | 3.62 | | | | Beans | 9.16 | | 8.71 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
|
New |
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| Payne |
419-263-2351 |
| Corn | 3.19 | | 3.62 | | | | Beans | 9.19 | | 8.78 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
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New |
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| Sherwood |
419-899-2130 |
| Corn | 3.17 | | 3.59 | | | | Beans | 9.19 | | 8.77 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
|
New |
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| Oakwood |
419-594-3675 |
| Corn | 3.17 | | 3.59 | | | | Beans | 9.16 | | 8.75 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
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New |
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| Rockford |
419-363-2481 |
| Corn | 3.19 | | 3.57 | | | | Beans | 9.28 | | 8.85 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
|
New |
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| Ohio
City |
419-965-2121 |
| Corn | 3.20 | | 3.62 | | | | Beans | 9.13 | | 8.75 | | | | Wheat | 4.25 | | 4.37 | | |
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| Branch |
Current |
|
New |
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| New
Weston |
937-338-5741 |
| Corn | 3.44 | | 3.62 | | | | Beans | 9.16 | | 8.71 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
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New |
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| Elgin |
419-667-2901 or 1-866-808-corn
(2676) |
| Corn | 3.36 | | 3.67 | | | | Beans | 9.18 | | 8.78 | | | | Wheat | 4.35 | | 4.52 | | |
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| Branch |
Current |
|
New |
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| Antwerp |
419-258-8465 |
| Corn | 3.19 | | 3.62 | | | | Beans | 9.19 | | 8.78 | | | | Wheat | 4.22 | | 4.37 | | |
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| Branch |
Current |
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New |
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| Grover Hill |
419-587-3334 |
| Corn | 3.19 | | 3.62 | | | | Beans | 9.18 | | 8.75 | | | | Wheat | 4.22 | | 4.37 | | |
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Safety
Regulations |
| ***
This information is taken from sources which we believe are reliable,
but not guaranteed. This info is sent to you for your information
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