April 27, 2015
Producer Marketing Manager
CORN: As of 7:45 – Down 2
Traditional funds with futures and options increased their net short by 18k contracts last week to a net short of about 105k contracts. Export Inspections released at 10am this morning. This afternoon’s USDA Crop Progress report projected to show U.S. corn planting progress as of April 26 at 20-25% compared to approx. 17% last year and the five-year average of approx. 25%
SOYBEANS: As of 7:45 – Steady
Biggest news affecting soybeans may be the bird flu that is spreading across the upper Midwest and its impact on meal demand. Otherwise not a lot of news on soybeans……S America is still plugging away with harvest.
WHEAT: As of 7:45 – Mpls Down 3, KC Up 1
Spring wheat seeding should see more robust progress in this afternoon’s planting progress report. Decent moisture across most of the HRW belt has those crops poised for better crop condition ratings. The next 5 days looks fairly dry and conducive for planting progress across most of the corn belt.