April 28, 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.
Export Sales out this morning at 7:30. (Chart Below)
Corn: Up 4
Export Sales, well above trade guess at 85.1 mbu and almost double from last week, giving support to the corn market. Weekly ethanol production was down 12,000 barrels to 927,000 barrels per day; 7 of the past 9 weeks have had lower production (Chart Below). Ethanol stocks were also lower totaling 21.6 mb. Brazil Safrinha crop rains were disappointing versus forecasts, with less than 50% coverage.
Soybeans: Down 1
Export Sales out this morning below trade guess of 15-22 mbu, at 8.3 mbu. The USDA announced a sale of 393 TMT of soybeans to unknown yesterday morning. 350 TMT is for shipment during the 2015-2016 marketing year while 43 TMT is for 2016-2017 shipment. Several Argentine crop estimates continue to cut their production 2.0 MMT to 4.0 MMT because of the excess rains, but still hard to quantify.
Wheat: MW Up 6; KC Up 3
Export Sales at 12.9 mbu, well above the average guess of 3 to 6 mbu. Weather continues to benefit the already good crop and should see an increase in G/E ratings next Monday. The dollar is lower after Japan’s Central bank announced no new stimulus package, also supporting commodities.