May 6, 2016
Producer Marketing Manager
May USDA Supply/Demand report is out next Tuesday, May 10th.
CORN: As of 7:40 – Up 2
The corn market was weaker on Thursday following the soybean and wheat market lower. Corn Belt weather some minor field week delays are possible but overall weather remains excellent. The ECB looks to be the lagging areas for corn planting.
SOYBEANS: As of 7:40 – Steady, NC down 1
Ugly day for the soy complex with beans finishing down 21 after trading up 10 earlier in the session. Weaker cash values and bearish news out of China were the catalyst as rumors that China may soon sell 4.0 MT of beans from their reserves. Given the idea that private Chinese firms have booked over 50 cargos of beans from the world in the last 3 weeks and maybe up to 8 cargos in the last 3 days, this rumor was a shock to the system yesterday. Argentina soybean harvest at 42% vs 71% average. Up 18% for the week.
WHEAT: As of 7:40 – Steady
The Wheat Quality Council tour estimated the Kansas winter wheat crop at 382 million bushels, up 60 million from last year's 322 million bushels, despite USDA estimating planted acreage being down 700k acres from last year. The tour's estimate matches the highest Kansas crop since 2003, as the 2012 crop was also 382 million bushels. StatsCan stocks numbers are to be released this morning……….all wheat stocks expected at 13.8 MT, durum 2.6 MT, canola 7.3 MT, oats 1.8 MT, barley 3.6 MT…if realized wheat stocks will be at a 8 year low, canola at a 3 year low