April 29, 2016
Grain Marketing Specialist
Today is first notice day for May futures. We are now bidding off July futures for all nearby bids.
Check out our latest Blog on how to manage risk with this rally.
Corn: Up 3
USDA Weekly Export Sales report, yesterday, showed the largest weekly corn sale since January 2015 at 85.1 mbu. Extended forecasts call for more dryness for Brazil’s safrinha crop, but cool. Corn planting progress is expected to be near 50% completed on Monday’s crop progress report. Weaker dollar continues to provide strength in all commodities.
Soybeans: Up 4
The Buenos Aires Grain Exchange notes that out of Argentina’s 21 million hectares of soybean ground, 7 million of those hectares are in decent condition, 7 million hectares are wet but not flooded and the remaining 7 million hectares are flooded. Argentine soybean harvest reported 24% done, up from 16% last week but behind 62% both last year and the average.
Wheat: MW Up 3, KC Up 2
Good week of export sales: Old-crop @ 12.9 mbu vs. range of only 3-6, while new-crop total of 16.7 was near the high end of the range of 11-17. The International Grains Council yesterday morning raised their 2016/17 world wheat production estimate by 4 million tonnes, to 717 MMT, thanks to increases in Russia and the EU. More rain in the forecast for US HRW wheat areas this weekend, also helping reduce drought in certain areas.