April 3 2014
Grain Marketing Specialist
Corn: 2-5 Higher
After making 7 month highs, the market gave back much of post report gains on long liquidation. May closed down 11 ¾ and December down8 1/4 .Ethonal increased by 22k last week putting them around 891k bpd. Plants are still dealing with logistical l issues on both the ethanol and DDG. Most plants seems to be covered into the summer months. Extended forecast in ECB is looking at some moisture which will further delay planting. Overnight the market traded higher on expections of another decent week in exports.
Soybeans: 5-10 Higher
After a better overnight trade yesterday, the market eroded by mid morning with weakened basis levels and talk that there are boats of Chinese beans looking for a home. May closed down 22 ¼ November down 9 1/4 . Even with the down market a new contract high on May beans was put in at 14.96 but could not clear $15.00. Market traded higher overnight on some renewed commercial buying. Weekly exports are expected to be decent. The resistance points on November contracts are around $12.10 and than 12.39.
Wheat: 2-5 Higher
As with the beans, wheat was down due to long liquidation. KC was down 14 ¾ and Minn was down 13.Also due to somewhat of improving Ukrainian situation. The forecast in many wheat producing areas will see some forum of moisture in the next few days. With the crop just coming out of dormancy, and being a couple weeks behind moisture will still be beneficial. The market did rebound overnight after the week’s losses. Exports are estimated to be on the light side.