3 BIG THINGS TODAY, MARCH 15

CORN, BEANS LOWER IN OVERNIGHT TRADING; EXPORT SALES UP WEEK-TO-WEEK, MISS AVERAGES.

1. CORN, SOYBEANS LOWER AFTER USDA STOCKPILE PROJECTIONS TOP FORECASTS

Corn and soybeans were lower in overnight trading after the U.S. Department of Agriculture raised its outlook for global carryout of both crops beyond expectations.

World corn inventories at the end of the marketing year will total 220.7 million metric tons, topping forecasts for about 219 million tons, the USDA said in a Thursday report. Brazilian production is pegged at 91.5 million tons, well above industry estimates for just under 88 million tons

Soybean stockpiles globally will total 82.2 million metric tons, up from forecasts for about 81 million tons, the government said. The USDA pegged production at 108 million tons, beating expectations for 106 million.

Corn futures for May delivery fell 1½¢ to $3.65½ a bushel overnight on the Chicago Board of Trade.

Soybean futures declined 5¾¢ to $10.05¼ a bushel in Chicago. Soy meal lost $1.90 to $326.60 a short ton, and soy oil declined 0.18¢ to 32.93¢ a pound. 

Wheat futures for May delivery fell a penny to $4.43 a bushel overnight. Kansas City futures declined ½¢ to $4.62 a bushel.

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2. EXPORT SALES REPORTS MIXED AS SALES RISE WEEK-TO-WEEK, MISS AVERAGES

The Department of Agriculture’s export sales report was mixed as it showed sales rose week-to-week for corn, beans, and wheat, but were down from the average.

Corn exporters sold 741,100 metric tons of the grain in the week that ended on March 2, the USDA said in a report on Thursday. That’s up 7% from the previous week but down 7% from the prior four-week average, according to the government.

Japan was the big buyer, taking 318,800 tons. South Korea was next on the list at 175,800 tons, and Mexico bought 165,000 tons. Saudi Arabia purchased 113,100 tons and Colombia took 61,700 tons.

Soybean sales totaled 485,500 tons, up 14% from a week earlier but down 8% from the average, according to the USDA.

Mexico was the biggest buyer at 151,500 tons, topping China, which bought 84,300 tons. Japan was in for 77,800 tons, Taiwan bought 70,900 tons and Indonesia purchased 70,100 tons.

Wheat exporters sold 391,600 tons of the grain, up 21% week-to-week but down 14% from the prior four-week average, the agency said.

Japan bought 56,400 tons, Bangladesh took 55,000 tons, Yemen purchased 50,000 tons, Mexico was in for 41,000 tons and the Philippines purchased 36,700 tons, according to the USDA.

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3. FREEZE WARNING IN EFFECT FOR MUCH OF MISSOURI, PARTS OF SEVERAL STATES

After several days of red-flag warnings from warm, dry weather, a freeze warning is now in effect for parts of the lower Midwest.

Much of Missouri, southern parts of Illinois and Indiana, and most of Kentucky are under a freeze warning this morning, according to the National Weather Service.

Temperatures are expected to fall well below freezing for a few nights in a row. Any uncovered plants including soft-red winter wheat in the area may suffer damage from the cold, the agency said.

“A cold Canadian high-pressure (system) will surge southeast across the area, setting the stage for a hard freeze over portions of the region late tonight and Saturday morning,” the NWS said in a statement early Thursday. “Low temperatures in the 20s will be common over the next several nights heading into next week.”