April 21st 2014
Grain Marketing Specialist
Market reacting to weekend rains.
As of 8:00am May 4 lower, Dec 5 lower
Corn planting is active in the southern 2/3 of the Corn Belt with expected planting percentage to be at 11% with tonight’s report versus the 16% average for this time of year. 6-10 weather forecasts have below normal temps and below normal precipitation with some rain chances for the central and eastern belt. Looking at the chart for May corn we have hit resistance and we have support at $4.80
As of 8:00am May 9 lower, Nov 8 lower
Old crop soybeans are very tight. Domestic bids are improving. Export and crush are exceeding expectations. South American basis is declining and exports are slow as China continues to cancel exports from them. US sales to China through March 2015 are up 33.5 percent. Technically soybeans remain strong.
As of 8:00am Spr. Wheat 12 lower Win. Wheat 10 lower
Weekend rains, easing drought concerns, have the wheat markets lower this morning. Wheat remains on a slippery slope as demand for US wheat has diminished. On the other hand the drought has also diminished the total crop size.