April 14, 2015
Grain Marketing Specialist
Do you have your targets in place for the upcoming spring planting season? Contact your local Grain Marketing Specialist to formulate a plan heading into this busy time of year.
Weekly export inspections for corn were within trade expectations at 33.7 mln bushels. Early planting and favorable conditions for tillage seem to be weighing on the market as nearby corn on Monday was off 6 cents. Corn planting was pegged at 2% complete nationwide, 3% behind the 5 year average for this time of year. Support for May corn can be found at $3.67 with support on the December 15 contract found at $3.92. Below is the day chart for May 15 corn..
SOYBEANS- Up 5
Weekly export inspections fell within expectations at 16.5 mln bushels as China was once again the leading destination. Funds have added to their short position over the last couple weeks, now a net 61,000 contracts short. NOPA crush report comes out this Wednesday, which will give us the March crush estimates. China announced on Monday that their soybean imports for the month of March were up 5.4% from February but still 3% off last year at this time. Nearby support for May 15 can be found at $9.44 with November 15 showing support at $9.33.
WHEAT- Minneapolis Down 4, Kansas City Down 5
Wheat futures struggled after a favorable weather weekend with many producers able to plant and complete tillage in a timely manner. Export inspections for wheat came in at 16 mln bushels, which was in line with expectations. Funds continue to add to their short position, now a net short of 84,100 contracts. Winter wheat conditions were shown at 42% G/E, which is 8% better than this time last year. Spring wheat was estimated at 17% planted, which is 6% ahead of the 5 year average.