April 30th 2013
Grain Marketing Specialist
Corn: As of 7:30- mixed 1 higher to 1 lower
Wet / cold planting conditions fueled a solid move higher yesterday had oc months limit higher and nc 35 higher. July corn stepped into the gap left from the Mar 1 stocks report. Question now is can we fill it? Planting progress even less than anticipated at 5% complete up just 1% for the week and compared to the 5 yr average of 31%. Forecast for this week looks not to be conducive to progress again with below normal temps and moisture seen in much of the belt. Export inspections at 11.6 mb vs 12.8 lw and 16.7 needed to meet USDA projected. Technically looking to see if July corn can filled the gap at 6.76.
Soybeans: As of 7:30- 3-6 higher
Soybeans rallied on the coattails of the corn market and aided by strong export inspections of 8.9 mb vs 5.1 lw and 5.6 needed to meet USDA’s projection. USDA reporting no soybean plantings yet this week. Technically all my indicators remain bullish with resistance for the Nov at 12.49 and 12.68 with support at 11.86.
Wheat: As of 7:30- 5 to 8 lower
The wheat market stronger yesterday on spillover strength from the corn market, concern about frost damage to HRW and cold wet conditions limiting planting progress in for spring wheat. Export inspections at 30.69mb vs 26.4 lw and 19.6 needed to meet USDA’s projection. Winter wheat conditions at 35% poor/very poor, 33% good/excellent. 2013 Annual HRW tour started yesterday.