April 23rd, 2015
Grain Marketing Specialist
Export sales out this morning, also keep in mind May options expire this Friday the 24th.
CORN- Up 1 as of 7:45
The corn market was quiet again overnight with contracts continuing to grind lower. Technical support remains near $3.74 in the July and $3.91 1/2 in the December.
Ethanol production for the week rose slightly to 930K barrels per day versus 924K barrels per day last week. This was well below the 953K bpd needed to keep pace with current USDA projections.
SOYBEANS- Up 5 as of 7:45
Soybean contracts were higher early Thursday on both old and new crop.
US farmer has been a light seller...crusher and river terminal still looking to buy beans.
More and more bird flu cases are being reported which will put a dent into local meal demand
WHEAT- Minneapolis- Up 5 Kansas City- Up 7
Winter wheat contracts were higher early Thursday, led by the Kansas
City (HRW) market. Recent support has come from concern over freeze damage
trumping last week's rain event, concern that was not backed by last Monday's
weekly crop condition numbers. Indias’ wheat production has been backed off also (87.9 mmt, down from last year’s record 95.9 mmt) due to weather damage.