April 15, 2015
Grain Marketing Specialist
NOPA crush estimates to be released this morning
CORN- Down 2
Corn closed down a penny on Tuesday after spending most of the day higher from a weaker dollar. CONAB increased the Brazilian crop estimate Tuesday by 0.78mmt to 78.98mmt. The trade continues to try to estimate what the carryout situation will look like for this coming marketing year as December corn closes once again below $4.00 on the board. The USDA estimate for carryout next year is pegged at 1.827 bln bushels with some estimates currently over 2 bln bushels depending on how the planting season progresses. Support for May corn is found at $3.67 with support on the December 15 contract found at $3.92.
SOYBEANS- Up 5
Bean futures remain volatile as we are now off 30 cents since April 1st on the May contract. Chinese crush margins have seen a recent decline as China’s bean supplies at the moment appear adequate. CONAB increased their estimate for the Brazilian bean crop by 1.0mmt, putting production estimates at 94.28mmt. The average trade estimates for the NOPA March crush number look to be around 155 mln bushels. Nearby support for May 15 can be found at $9.44 with November 15 showing support at $9.33. Below is a look at the day chart for November 15 beans…
WHEAT- Minneapolis Up 4, Kansas City Up 4
Wheat news at the moment seems to be focused around weather with some winter wheat areas receiving rains this week. Rumors of HRW dying in parts of Kansas continue to circulate, which keeps futures very volatile for the time being. Support for Minneapolis May 15 futures can be found at $5.48 with support for Kansas City May 15 futures found at $5.16. Below is a look at the 7 day precipitation forecast, notice the rain in the delta this week.