April 11, 2017
Producer Marketing Manager
April Supply/Demand report is out at 11am today……
CORN: As of 7:45 – Down 1
Nearby corn finished up 7 ½ cents yesterday, gaining back nearly 2/3 of last week’s losses. After the close, the first glimpse at planting progress was released and showed it at 3% nationally, right at the 5 year average for this date. However, weather forecasts are being eyed closely as rain totals forecasted may put a bit of a delay in early planting. Trade is expecting an average carryout of 2.345 billion bushels in today’s report (range of estimates is 2.27 – 2.484)….this is slightly larger than the 2.32 number posted in March.
SOYBEANS: As of 7:45 – Up 1
Beans were steady yesterday after trading both sides of even. Decent export inspections this week as we loaded 30.6 million bushels, 7.5 better than a week before and most of the increase came off the PNW. Trade estimates for this morning’s April S/D report are showing and average of 447 million bushels of ending stocks (range of 425 – 471), this is larger than the 435 million bushels that we were given in March. Watching to see how big the South American crop is in this morning’s report…….
WHEAT: As of 7:45 – Mixed….Mpls up 1, KC Down 2
It looks like HRW rallied on the back of corn yesterday as it posted gains of 4 cents on the day. Mpls was quieter and only settled up 1 on the day. The US all wheat carryout number is expected to grow a little bit from the March number, 1.129 billion bushels. Estimates are for 1.152 billion bushels (range of estimates are 1.125 – 1.200).