Tuesday March 31, 2020

• USDA report at noon today – markets subdued this morning leading into it
  • No matter the split there will be the weight of an additional 10-16 million acres added in that were deemed prevent plant last season and no matter which way those are split that will add weight to the markets
  • Quarterly stocks also reported today – corn will be one to watch as there were as many as 1.2 billion bu in the field at the last report – most of this has now been harvested to we will see if field estimates matched the harvested amount after the winter 
• State winter wheat ratings for the week
  • Number 1 producer Kansas now at 50% good/excellent, Oklahoma down slightly to 70% g/e 
• Texas now 50% planted corn – about 9% ahead of average pace 
• Brazilian safrinha corn now 99% planted with soys 76% harvested
• Russia selling wheat from state reserves to infuse local markets and make sure their country is covered and prevent price spikes 
• Reuters reporting that China will resume importing Canadian canola after a long time snub – a year has passes since the initial ban and has effected $2 billion worth of trade