April 23rd 2012
Grain Marketing Specialist
Expected modest increase in planting pace this evening with forecast showing cool wet conditions in some spots this coming week along with possibility of frost damage. Funds now long 50,000 more soybeans than corn (rare) after liquidation down to 191,000 last week. I believe our upsides price hopes at this point are tied to unforeseen export business i.e. China.
Soybeans: 5 lower
Rumors of Brazilian exports being cut off by the government than that talk was later dispelled along with talk of Chinese business had soybean closing strong. This will continue to be a nervous volatile market as a global decrease in stocks looks to push business towards the US. It appears to me that we not are able to produce our way out the problem. JFM 13 before SA can make up any stocks. Awaiting May 10th WASDE.
Wheat: 2 higher
HRW conditions expected to better again this afternoon with some concern for SRW as frost could have affected that crop. Wheat will continue to tied to corn as the better the conditions get the bigger the perceived carryout and the more it will be looked at as a feed grain.
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