April 19th 2012
Grain Marketing Specialist
Corn: 10 higher
May corn taking the biggest hit yesterday settling 15 lower after finding support at the January low. Dec down just 1 cent as continued thoughts of early plantings adding not only to yield but giving us early harvest bu’s easing old crop tightness. Continued fund liquidation also noted fueling the fire lower. While we slept we found new interest owning grains as we regained much of what lost yesterday. Weekly export sales at a low 300.4 11/12 crop and -2.4 12/13 crop vs expectations of 500-850.
Soybeans: 12 higher
Yesterday had soybeans nearby beans 18 lower and Nov beans down 17 ¾. It is worth noting that we found support right on trendline. Will this continue to hold??? With funds holding massive long soy complex positions expect volatility both ways even with what looks to be long term supportive fundamentals. Weekly export sales at 374.3 11/12 and 845 12/13 vs expectations of 650-1150.
Wheat: Spring Wheat 3 higher, Winter Wheat 10 higher
Wheat looks to be higher this morning on spillover strength from corn and beans. Weekly export sales at 365.9 11/12 and 76.3 12/13 vs expectations of 400-700.
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.