May 12, 2017
Grain Marketing Specialist
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Export sales reported Thursday were disappointing at 10.9 mln bushels, below the average trade estimate of 30 mln. The weather forecast in the 6-10 day outlook looks to be wetter in the West and drier in the East. This should allow for ample planting progress next week in the East. CONAB data released Thursday raised the size of the Brazil crop to 92.8MMT, this is up from 91.5MMT last month. July corn seems to have found a pretty solid trading range from $3.60 on the low to $3.79N17 on the high. The funds were estimated sellers of 5,000 contracts Thursday. Below is a look at the day chart for July beans with the trading range over top.
SOYBEANS (Down 3)
Export sales were solid at 14 mln bushels and year to date we are 50 mln bushels above the current USDA export forecast. CONAB estimates increased the size of the Brazilian bean harvest by 3MMT to 113.2MMT. The Rosario Grain exchange also raised Argentina’s bean production 1MMT to 57MMT. Beans were estimated sellers of 4k contracts Thursday. Bean planting seems to be ramping up as big gains are expected to be seen in next Monday’s planting progress report. Below is a look at the 6-10 day precipitation outlook.
WHEAT (Minneapolis Unchanged, Kansas City Down 1)
Export sales were disappointing on Thursday as showing a net negative sales number after cancellations for the week. New crop sales were reported at 10 mln bushels which was in line with trade expectations. In international news Ukraine, Germany and Poland are facing cool weather as temperatures have dropped below freezing in many areas, forcing some to lower production estimates. Funds were estimated buyers of 2k contracts on Thursday.