Morning Market Insight
Grain Marketing Specialist
Patron Meetings for today have been canceled!!
Corn as of 7:45: Unchanged
Very quiet overnight trade as corn stays in a 2 cent trading range. Us corn remains competitive with the word and has seen good export and domestic demand. $3.88 May futures looks to be resistance with support at 3.80 the 200 day moving average. AgRural puts safrinha corn planting in central and southern Brazil at 63% complete vs 75% last year.
Soybeans as of 7:45: Unchanged
Beans trade in a range of10 cents on the overnight. Beans Continue to trend higher as little to no rains have fallen in Argentina and bean crop continues to deteriorate. New highs continue to be set daily. One Month ago beans close @ 9.81 May futures and this morning they are currently trading 91 cents higher @ 10.72 Futures. AgRural estimates Brazil harvest progress at 35% vs 47% last year but 37% on the five year average.
Wheat as of 7:45 MW -Unchanged KC- Up 3
More talk about seeing significant abandonment in the HRW area because some areas have not seen measurable amounts of rains since January or last fall. As wheat starts to come out of dormancy in the south weather will start to be a key factor. Still holding on to that wheat from a couple years ago? Give us a call and schedule a visit from our bin probe truck to take the guess work out of figuring out all of the quality factors of what you have. Don’t forget to ask out our bin probe guarantee.