April 14, 2014
Producer Marketing Manager
CORN: As of 7:45 – Up 4
Weekend precip across much of the cornbelt into the delta will put the brakes on corn planting for a few days. USDA Planting progress report will be released this afternoon with the expectation of 1-2% planted nationwide vs the 5 year average of 6%. In world news the Ukraine/Russian situation plays on as some “pro Russian” rebel groups seize some Ukraine government offices over the weekend and further intensifying the situation.
SOYBEANS: As of 7:45 – Nearby Up 4, NC Down 1
Old crop futures were pressured hard on Friday as Chinese defaults on bean purchases continue to weigh heavy with funds selling 4,000 contracts of beans. Nov beans continue to consolidate after the spike ($12.34) on the April WASDE report on Wednesday.
WHEAT: As of 7:45 – MPLS Up 12, KC Up 18
Most of the HRW belt missed the precip over the weekend, aside for Nebraska. This has the market on edge as some places are hanging on for needed moisture. The overninght market was up 30 before giving back some if it’s gains. As mentioned in the corn segment, Ukraine news over the weekend is also putting risk premium into the wheat market.