April 7, 2015
Grain Marketing Specialist
National average topsoil moisture is 21% surplus, 56% adequate, and 23% short-to-very short. Subsoil moisture is 17% surplus, 60% adequate, and 23% short-to-very short.
Today is the last day to choose ARC or PLC crop insurance at your local FSA office
Corn: 2-5 Lower
Sour day in the market yesterday as corn was on the defensive most of the day. Pressure stemmed from large global supply and a round of profit taking. Corn tried to climb out but remained under pressure from lower wheat and continued strength of the dollar. Support is sitting around 3.82 after that 3.72 for the May contracts. 4.02 for the Dec contract. Exports came in around 40.5mb vs. the 35.3 needed. The average insurance price for Feb was set at 4.15. USDA will start corn planting progress next week.
Soybeans: 5-8 Lower
South American crop still remains the dictator in the market as they continue to harvest a record crop. As a result beans were under pressure all day. This came into play in the overnight as beans remained lower for most of the session. Also putting some pressure on the market is the record acres for the US and China has been pulling back the reins for demand as they may be getting their needs filled from SA. Weekly Exports came in around 20.8mb. vs. 24.170 the week before.
Wheat was a victim of technical selling and also pressure from the chance of some much needed rain in some HRW areas. The first Crop Progress Report was released yesterday. A national average of 44% G/E 40% Fair and 16% Poor. SD came in as 29% G/E, 44% Fair, 22% Poor and 5% Very Poor. Weekly Export are way behind coming at 13.6mb vs. the 20.6mb needed.
For more information on the proposed unification visit www.growingtogether.coop