April 25th 2012
Grain Marketing Specialist
Corn: 3 higher
Yesterday despite an announcement of 420tmt sold to unknown 12/13 crop, 172 12/13 crop and 90 11/12 crop to China we could not hold onto to early gains. Weekly ethanol production to 865 vs 884 last week and the lowest number we have seen since Oct. 11. Weekly export sales at 645 11/12 and 180 12/13 in line with expectations of 800 to 1.0 in line with expectations. We have opened stronger the last two sessions and look to do so again today let see if we can hold on it this time.
Soybeans: 2 lower
The May and July contract both putting in new highs yesterday before settling back and letting Nov take the lead. Declining SA production estimates, cold weather in SA, and technical buying are all noted for the push higher. Funds long 244,000. Weekly export sales at 926 11/12 crop and 483 12/13 crop exceeding expectations of 900 to 1.3.
Wheat: Spring Wheat 2 lower and Winter Wheat 2 higher
The wheat market continues to struggle with fast planting pace for spring wheat and harvest around the corner for winter wheat and crop conditions that look better all the time. I have attached a weekly continuation chart for KC wheat. As you can see we appear to have fallen into a range with support at 6.25 and resistance in the 7.10 area. Weekly exports sales at 386 11/12 and 357 12/13 exceeding expectations of 400 to 650.
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.