May 2nd 2013
Grain Marketing Specialist
Corn: As of 7:30- 7 higher
Grains pressured lower primarily by outside markets led by a weak China manufacturing PMI number. Planting progress remains the fundamental focus as some hit or miss progress is being made but trade still looking for just 10-15% planting in next Monday report. 6-10 does look warmer and drier. Ethanol production at 857 vs 853 the previous week. Export Sales report this morning for 12-13 329.3, 13-14 656 vs expectations of 800 to 1000tmt combined.
Soybeans: As of 7:30- 6 higher
Talk of Chinese bean cancellations sent soybeans lower yesterday. Continued talk of possible acre switching due to delayed corn planting. I have included a nc corn/bean ratio chart. Export sales report this morning for 12-13 -109.8 13-14 1.3 vs expections of 300-500tmt, meal at 12-13 93.2 13-14 55.7 vs expectations of 150-250 and oil at 1.1 vs expectations of 0-15 combined.
Wheat: As of 7:30- 5 higher
Wheat market was lower yesterday on spillover pressure from corn and beans. Wheat tour in Kansas so far has yield at 43.8 down just slightly from last year 44. Huge variability seen with reports of the crop being as much as 3-4- weeks behind. Oklahoma wheat tour looking total production estimates at 85.593 million bu’s vs previous estimates of 100-120. Export Sales report this morning for 12-13 219, 13-14 497.3.