May 10, 2016,
Grain Marketing Specialist
USDA Supply and Demand Report today @ 11am. Do you have your targets working??
Corn: 2-5 Lower
Went into yesterday’s trading session with a good attitude and strong support from good exports, but came under fire early in the morning session from outside markets. We closed the day down 8. USDA posted 2 new sales to unknown sources. Since April, they have announced 21 new sales. Of that 14 was corn. Average US corn carryout for 2015-2016 stands at 0.997 billion bushels. The average world carryout for 2015-2016 stands at 205.75 million tonnes. Crop progress was released yesterday. Corn came in at 64% planted vs 50% on a 5 yr. average. Most of the progress happened in the northern states. SD-39% Up 27%: ND-51% Up35%
MN-89% Up 30% IA 80% Up 23%
Like corn, beans were under pressure all day yesterday from the start. We did perk back up on the overnight session seeing mixed trading but ended the session on a strong note. Exports for beans remain dismal. The average 2015-2016 soybean carryout stands at 0.426 billion bushels. The world carryout for 2015-2016 averages 76.28 million tonnes. Yesterday’s crop progress report pegged US bean plantings to be at 23% complete compared to the 5-year average of 16% complete.SD-10% Up 9; ND 25% Up 23%; MN 46% up 40% IA 29% up 22%.
Wheat: Down 2
With good rains through the main wheat growing states and a high G/E rating wheat struggled yesterday in all classes, then saw mixed on the overnight. Yesterday’s winter wheat crop progress pegged WW crop at 62% G/E which would be the 2nd highest since 2000 at this time. SD came in at 73% G/E. Spring wheat was pretty much done in SD at 92% planted.