May 1st 2013
Grain Marketing Specialist
Corn: As of 7:30- 7 lower
July corn stronger earlier in the day but sold off failing to fill the gap we talked about yesterday. Forecast is wetter over the next 5 days but the 6-10 looks to be a little more conducive to planting. This idea weighed on the corn market yesterday as funds half of what they bought on Monday. Weather will continue to be the driver.
Soybeans: As of 7:30- 19 lower
Idea’s of corn acres switching to soybeans pressure this market yesterday. Seems a little early to be talking about switching but it is definitely a concern with likely little corn planting progress this week again. For now you’ll have to look ahead to tomorrow weekly exports sales reporting for any kind of bullish news.
Wheat: As of 7:30- 9-11 lower
Cold conditions and poor ratings kept wheat in the black yesterday. Lows forecasted in the 20’s for parts of Nebraska, Kansas and Colorado. Wheat tour finding a crop that is 1-2 weeks behind and lower yields than last year with the areas with most damage expected to come. For the morning wheat looks to be influenced lower by a softer corn and soybean trade.