April 15, 2012
Producer Marketing Manager
Winter doesn’t want to let go!! The moisture is very appreciated though.
Corn: As of 8:00 Down 10
It looks to be all about the outside markets this morning as gold continues its dive, as well as crude. Last week old crop corn gained 29½ cents. Ethanol run rates are picking up as they are running at the highest rate since June. New Crop also gained 15 cents, but if you remember, the Dec contract didn’t drop near as far as the Nearby contracts following the March 28th Stocks report. Slower planting pace this week and 10-14 day weather forecasts showing more of the same may give us a shot at breaking above the $5.50 mark, but we are not starting the week off very well. Below is the Crude Oil chart.
Soybeans: As of 8:00 down 8
Outside influences…… Old crop soybeans gained 51 cents last week, while the November contract sputtered by only putting on 3¾ cents. The slower start to the planting season has the market pondering more corn acres switching to beans if conditions stay cool and wet thru April.
Wheat: As of 8:00 – MPLS Down 6, KC down 12
Mpls – Last week Old Crop was up 20 cents, NC up 8¾. Mainly on concerns of continued cold/wet conditions in the northern plains and how late it may push back seeding.
KC – Old Crop up 27, NC up 25½ on the week. Frost concerns all the way down into the panhandle of Texas fueled most of last week’s action.