April 10, 2015
Grain Marketing Specialist
With all the excitement before and after the release of April’s S&D report, corn settled only down 1 3/4 . Than was pretty steady on the overnight staying within it normal 2 cent trading range it seems to be in. USDA took corn feed and residual down 50 million bushels leading to a 1.827 billion bushel carryout, less than the 1.851 billion expected but higher than the 1.777bb in Mar. The strength of the dollar didn’t help the market move into the positive at all. Another case of bird flu was reported to found in South Dakota and another somewhere in Mexico.
Another disappointing day in the Soy complex again, as we saw double digit loses in most contracts as May beans saw levels we haven’t seen since Oct 2014. It was two sided overnight but May contract held its support around 9.50. USDA increased soybean residual by 14 million bushels, lowered seed use by 6 million, and increased imports by 5 million leading to a 370 million bushel carryout, in line with estimates. The Brazilian harvest seems to coming to an end and Argy’s crop is getting bigger.
Wheat: 1-2 Lower
With ‘rain makes grain” mode that some HRW areas are getting, and with better chances in the south, the wheat market traded lower yesterday. This spilled over into the overnight as well. For the most part the report was neutral for wheat. USDA trimmed the World stocks slightly, but with more than adequate supplies to satisfy the worlds needs. USDA also lowered feed, seed, and imports by a total of 27 million bushels, while exports were reduced 20 million leading to a 684 million bushel carryout vs the 694 mil estamate
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