Grain Marketing Specialist
Wheat Growers Winter Marketing Meetings featuring Advanced Trading (ATI) are coming up. Speak with your nearest Grain Marketing Specialist to RSVP.
Corn Up 2 as of 7:45
After trading up 18 cents at one point during trade, May corn futures settled the day Tuesday up 5 ½ cents. Corn gained its strength from rumors spread about favorable changes for ethanol. President Trump is reportedly considering changing the point of obligation from refiners to terminals and may also lift a restriction which will allow more E15 to be sold in summer months. As Brazil soybean harvest continues, double crop corn acres will open up to corn plantings, with limited weather issues going forward.
Beans Up 7 as of 7:45
Beans closed the day yesterday up 13 ¾ cents in the May futures contract and November futures closed the day up 12 cents. Spillover support from a strong corn market and positive biodiesel developments helped push beans into the green as well as some possibly troublesome moisture in South America. Rumors Tuesday were that President Trump was considering making changes to the biodiesel tax credit from a blender to a producer credit. If these rumors are true this could be a bullish argument for beans going forward, but there are still Brazilian production to consider.
Wheat Minneapolis Up 5 and Kansas city up 6 as of 7:45
Minneapolis Spring Wheat closed the day yesterday up 6 ½ cents in the May and Kansas City May Winter Wheat closed up 2 cents. The corn rally and the weaker dollar helped keep the wheat market in the green Tuesday. Crop Progress report on winter wheat put Kansas and Oklahoma at 43% good to excellent and Texas at 34% good to excellent with Kansas down 16% from last year at this time.