April 6 , 2015
Grain Marketing Specialist
Corn: 1-2 Higher
Corn market was slightly higher on the overnight as we return to trading after the Easter holiday. It remains a technical market with May corn hanging around the 50 day MA of 3.88 ½ and CZ is at 4.12 on the 50day and 4.12 ½ on the 200 day. The WCB remains dry over the Easter weekend but moisture may be in store by end of the week. Monthly supply and demand report comes out on 9th , we will see how USDA adjusts quarterly stocks and expected carryout. Planting resumes/begins in some areas.
Soybean market was choppy on the overnight as we are still trying to digest acres. Some are hard believers it will be more come July. No matter what it will be another record acres for beans Techs are still moving the market like with corn, May beans is around 9.87 which is in line with the 50day MA with resistance pegged at 9.92.
Wheat: 2-5 Higher
Higher on all markets on the overnight trade as weather is driving the market, especially the HRW. With the first crop condition report out this afternoon, we are expected to see a deteriorated crop . We may see some rain in Neb and Kansas in the next day or two but nothing for the southwest plains. Extended forecast show maybe in the next 11-16 days.