April 16, 2014
Producer Marketing Manager
Reminder: The grain markets will be closed for Good Friday and will reopen again on Monday.
CORN: As of 7:45 – Steady, NC Down 1
The corn market was mixed yesterday as all the excitement was happening in the bean and wheat pits. Despite precipitation (snow in Aberdeen this am) and cool temps this week it looks like after the Easter weekend we will see weather that is conducive for planting progress to get rolling. Dec futures hang around $5.00.
SOYBEANS: As of 7:45 – Nearby Up 17, Nov UP 8
Continued strength after the large NOPA crush number (9 million bu above expectations) was released yesterday morning, and we are seeing follow through in the overnight trade as the May contract is making new highs. If you remember last Wednesday the USDA dropped soybean crush in the April Supply/Demand report by 5 million bushels……hmmmm…. The November contract also traded through the $12.35 resistance area overnight.
WHEAT: As of 7:45 – MPLS and KC Up 1
Strong gains were seen yesterday in the wheat markets as freezing temperatures and continued unrest in the eastern regions of Ukraine put more risk premium into the market. The wheat market spent a good part of the day debating freeze damage risk in OK, KS, TX where some of the crop is jointed and starting to head.