April 18th 2012
Grain Marketing Specialist
Corn: 2 lower
Planting Progress yesterday out at 17% vs 7% last week and a 5 year average of 5%. This was on the low end of expectations but still a brisk pace. Most notable progress was made in Illinois increasing to 41% planted and Missouri to 39%. March lows continue to hold for now for both new and old crop as fast planting pace continues to feed ideas of early harvest and better yields.
Soybeans: 14 lower
Fund liquidation pressured soybeans last night as we traded both sides. Funds long 225,000 contracts which is a number that is been more associated with corn. This large position will make the market more acceptable to volatility like we seen last night. Fundamentally Oil World lowered South American production. Generally small crops tend to get smaller so we will have to see how this thing shakes out.
Wheat: 4 lower
Winter wheat rating out at 64% good to excellent up from last week at 61%, last year at 36% and average of 49.6%. Spring Wheat 37% planted vs a 5% average. This is no surprise as many anticipated a better rated crop but it did add some validity to what folks are thinking and definitely will not help the few remaining bulls in this market.
The information contained above was taken from sources which Wheat Growers believe to be reliable, but is not guaranteed by Wheat Growers as to accuracy or completeness and is made available for information purposes only. There is a risk of loss when trading commodity futures and options.