April 8, 2014
Grain Marketing Specialist
New crop corn above $5 on the board, new crop beans above $12, weather in the 60’s…Things are looking up!
CORN – Down 2
Export numbers were strong for yet another week coming in at 51.6 mln bushels on Monday morning. The number is 5 times the bushels we shipped last year during this time! We were unable to close above $5.00 CK14 for the second time since the USDA report last Monday although new crop still remains above $5.00 Dec futures on the board. The next report to watch out for comes on Wednesday where many believe we will see the corn carryout tightened as much as 50 mln bushels. Funds remain long heading into spring, now 281,000 contracts as of yesterday’s close.
SOYBEANS – Up 2
Soybeans export inspections were strong yesterday coming in at 18.7 mln bushels, well ahead of the 900k needed to reach the USDA projection. Soybeans continue to trade the $14.55-14.95 range for May futures with Nov futures still trading above $12.00. The funds remain long 182,000 contracts as of yesterday’s close. The funds lengthy long position paired with China’s possible overbought bean position makes old crop beans a volatile animal heading into summer.
WHEAT – Down 2
Weekly export inspections treated wheat well yesterday coming in at 22.3 mln bushels, well ahead of the 19.4 mln bushels needed weekly to hit the USDA forecast. The USDA’s crop condition report that was supposed to be released yesterday afternoon is delayed until Tuesday at 4pm.