April 1, 2014
Grain Marketing Specialist
Corn: 3-5 higher
With the much anticipated March report behind us what is going to be the driver now?? It was a another wild roller coaster ride yesterday, after it was all said and done, May corn settled up a dime with December corn just missing the $5.00 mark. Dec resistance is at $5. The numbers on the report was as followed, Stocks were pegged at 7.005bb which was about 100mb below expectations and planting was at 91.7 acres. Export numbers were well ahead of the 31.3mb needed at 52.3mb. The market could get worried about the acres which are the lowest in 4 years which may turn into a demand vs supply game… Corn planting progresses across parts of the south. Some areas are getting pretty dry…
Soybeans: 8-13 higher
Soybeans was not excluded in the wild ride, as May beans and May meal contracts say new contract highs. Stocks were right with the estimates with 992mb and acres also spot on with 81.5 million acres. Exports inspections were around 18.6 versus the 1.7mb needed. Now with the tight supply and strong demand, how much will we import into the US??
Wheat: 5-7 weaker
Wheat was choppy all day and had a hard time to gather any strength from corn or soybeans. Stocks were 1.055mb and acres for all wheat around 55.8milion. ND spring wheat acres are estimated to increase by 800m from last year. Wheat producing areas where either getting some moisture or was in the forecast. Although parts of the US still remain critically dry.