April 2, 2015
Grain Marketing Specialist
No Grain Markets-Friday, April 3rd.
Export Sales from this morning in table below.
Corn as of 7:45 – down 3
Prices rebounded yesterday following the report, but are down again this morning. Weekly ethanol production came out at 952 thousand barrels per day vs 953 last week. Ethanol stocks dropped to 20,547 from 21,317 last week. California declares drought emergency, the five year drought is threatening their Ag industry. Rains continue in the southeast, slowing planting. Export sales out this morning, corn at lower end of estimate at 16.0 Mbu.
Soybeans as of 7:45 – down 8
Values higher yesterday after a two day reaction to the USDA reports, but down this morning due to lower export sales. Export sales out this morning are well below the estimate for old crop, but well above the estimate for new crop (table above). Argentina’s Rosario grains port closed for the second day, has brought up talk of a general labor strike. The Buenos Aires Grains Exchange estimated the 2014/15 Argentine soybean harvest at 58.5 million tonnes yesterday, up from 57.0 MMT.
Wheat as of 7:45 – MW-down 5 , KC-down 4
Looks to be a weather market for now. Concerns with little US HRW moisture forecasted in the next seven days. The 30 day and longer maps suggest persistent dryness in western US areas. Next Monday will be the first crop condition report. Exports came out this morning within the range of estimates (table above).