Small Grains Market Report

— The following is from Dr. Brian Williams —

Nearby May wheat futures closed up a penny Friday to close the week at $7.29/bu. May corn finished down 6 cents at 7.26, but corn did finished up on the week. Soybeans also finished down on the day with May soybeans finishing down 8 cents on the day. Corn and wheat exports were weak while U.S. soybean exporters are taking advantage of the bottleneck at Brazil’s ports. A somewhat positive weather outlook was released yesterday by NOAA. Much of the Central and Northern Plains are expected to see normal precipitation and some relief to ongoing drought conditions over the next 90 days. The Eastern Corn Belt is expected to receive above-normal precipitation, which could delay planting but will also replenish soil moisture. Rainfall in the Southeast has kept producers out of the fields this spring and many are awaiting dryer weather to get planting underway. Looking into next week, the big news will be the first USDA acreage report of the year scheduled to be released midweek.

^*Mississippi prices are average March 21, 2013 prices from Greeneville, Belzoni, Greenwood, and Indianola.