April 24th, 2015
Grain Marketing Specialist
May Options expire today!
CORN- Down 2 as of 7:45
Corn traded lower yesterday even though exports sales were well above expected. Corn traded two sided but primarily lower overnight as December futures sees a new low for the move and lowest price since October of last year. Bird Flu and weak technical’s definitely played a role in this. Bird flu cases are still popping up in Minnesota. May corn futures moved down almost 10 cents on the week.
SOYBEANS- Down 4 as of 7:45
Two sided trade overnight, the brazil trucker strike is a concern again but not to the extreme it was back in February. South America is still on track for record production, as Argentina continues to harvest.
Bird Flu continues to play a hand into soybean meal demand also. Weekly exports were about as expected.
WHEAT- Minneapolis- Down 2 Kansas City- Down 1
Both Minneapolis and Kansas City wheat traded quietly lower overnight.
Traders may lose some interest in weather heading into the weekend, focusing instead on various condition indicators as the debate continues over freeze damage versus benefits from recent rains.
The International Grains Council is estimating world wheat production at 705 mmt compared to 709 mmt from last month.