April 17, 2015
Grain Marketing Specialist
Make sure you have your targets working before going to the field, capture all 17 hrs of the trading day!
CORN- Down 1
Corn futures struggle to gain any sort of momentum this week with planters rolling over many parts of the U.S. USDA exports on Thursday showed 23.2 mln bushels of old crop corn along with 1.1 mln bushels of new crop corn marketed for the week. A sale was announced of 108tmt of U.S. sorghum to unknown on Thursday, more than likely China being the buyer. In world news supplies keep getting larger as the Rosario grain exchange raised Argentina’s corn crop estimate from 23.5mmt to 25.7mmt. Support for May corn is found at $3.67 with support on the December 15 contract found at $3.92.
SOYBEANS- Up 2
Bean export sales were reported at 11.5 mln bushels of old crop and 8.3 mln bushels of new crop. The Rosario Grain exchange increased production estimates by 1mmt for Argentina to 59mmt, this is 2mmt over the USDA estimate. The funds have trimmed their short position this week, now standing at 58,400 contracts short. Harvest delays in parts of Argentina continue as rain has slowed the process down. Nearby support for May 15 can be found at $9.44 with November 15 showing support at $9.33.
WHEAT- Minneapolis Unchanged, Kansas City Up 3
Wheat exports were poor on Thursday as the USDA announced 1.8 mln bushels of old crop and 4.1 mln bushels of new crop marketed this past week. In world news it sounds like the Russia wheat export tax will expire on June 30th, which will add to the current large world stocks situation. Funds have been adding to their short position this week, now just over a 100,000 contracts short on the board. Forecast models look hopeful heading into the weekend for some timely rains over many HRW areas. Below is a look at the drought monitor for the U.S.