April 22nd, 2015
Grain Marketing Specialist
CORN- Down 2 as of 7:45
May corn was lower early Tuesday after USDA said late Monday that 9% of the
corn crop was planted, down, compared to the five-year average of 13% planted at this time. US weather has stayed cool, but hasn’t slowed planting in many areas, look for US corn planting to be around 17%-20% by next week. Bird flu continues to be an issue, as nearly 8 million chickens and turkeys are infected, as poultry accounts for nearly 35% of US feed demand.
Cash ethanol markets were mostly steady to higher on Tuesday. EIA report released at 9:30 AM
SOYBEANS- Down 4 as of 7:45
Light two sided trading in beans in the overnight, Brazil and Argentina still projecting record crop
as Brazil finishes up harvest and Argentina gets into full swing. Trucker strike in Brazil continues to be an issue.
Soybean meal demand could be affected by the recent bird flu outbreak also.
WHEAT- Minneapolis- Kansas City- Both Unchanged
Very light trading in the overnight, frost continues to be a concern in the winter wheat belt.
India which is the second largest wheat producer is having quality problems with its wheat crop.
IKAR estimates Russia’s 2015 crop at 54-59mmt compared to 52-57mmt projected previously.