Grain Marketing Specialist
The next USDA Supply and Demand report is out May 10th at 11 CST. Speak with your local Grain Marketing Specialist to get your targets in and working.
Corn Down 2 as of 7:45
May corn closed the session yesterday up 3 cents, December corn closed up 2 ½ cents. Corn posted good export sales in Thursdays export sales report. Sales and shipments of corn totaled 38.9 million bushels and 54.1 million bushels. Planting delays continue to slow progress into the end of the week. The five day forecast shows broad rain coverage over the corn belt especially from Arkansas to southern Illinois.
Beans Unchanged as of 7:45
Beans ended the day unchanged in the May futures contract and up ½ cent in the November contract. Export sales were very good for beans totaling 29.7 and 28.7 million bushels. This was the highest total of the past 11 weeks. Slow corn and Spring Wheat planting progress continues to look negative for beans, possibly adding more bean acres. Farmer selling in South America continues to slow down with their record crop coming off.
Wheat Minneapolis Down 2 and Kansas city Up 3 as of 7:45
May Minneapolis Spring Wheat ended the day up 2 ½ cents Thursday, Kansas City Winter wheat lead the wheat market yesterday closing up 8 ½ cents. Export sales for last week out yesterday morning put total sales and shipments of wheat at 2.3 million bushels and 22.5 million bushels, a bearish marketing year low for sales that doesn’t help much to cut into the wheat surplus we are facing. Cooler temps and more moisture continue to keep Spring wheat planting progress from gaining much traction. The Winter wheat crop is also feeling some pressure from the cooler temps, and rainfall in some areas may start to raise concern of disease as well.