April 27, 2016
Grain Marketing Specialist
Contact your local Grain Marketing Specialist to have contracts rolled or priced by first notice day for May futures; Friday, April 29th.
Corn: Down 1
Production estimates from Brazil are declining due to hot, dry pollination weather for safrinha crop. Below is a look at Brazil's vegetation health index vs last year. USDA currently at 84.0 MMT but some private projections are now sub-80. Funds have done some short covering over the last several days and are now estimated short about 41k contracts.
Soybeans: Down 3
Argentina’s soybean harvest has been paused for 3 weeks putting their current harvest progress to be only16% completed compared to 46% at this time last year. Argentina weather forecast drying out and favorable to a more active harvest pace for next 10 days. Funds continue adding to their long position, now estimated at 185k contracts.
Wheat: Down 1-2
Weaker US Dollar helped support the market yesterday being down almost 300 points. The next 5 to 7 days of wet weather should help improve wheat conditions, with most growing areas getting an inch or more of rain. Russia continues to export wheat at near record levels, with ample supplies and a weaker currency.