April 22st 2014
Grain Marketing Specialist
As of 8:00am May. 3 higher, Dec. 3 higher
Markets turn higher in the overnight after news that planting is behind average. Yesterday’s planting progress report has corn at only 6% planted. Well below the trade estimate of 9-12% and extremely below the average of 14% for this time of year. Weather outlook is cool and dry. There are chances of rain through the week, which could slow down planting progress. Weekly export inspections were at 62.9 million bushels. This is far above the 38.6 million bushels needed weekly to keep up with the USDA forecast. Technically speaking we are seeing support for the May futures at $4.80 futures. December futures are showing support at $4.85. Below is a map of soil temps in the US.
As of 8:00am May. 6 higher, Nov. 3 higher
Soybeans are also turning around after yesterdays sell off. Trade is looking at cargos of soymeal, from Argentina, being shipped into the Eastern US. Trade is also watching recent China cancelations. South American values are still not low enough to prompt higher US imports to solve soybean stock tightness. US exports and crush numbers are still running at a pace that keeps in line with USDA projections. Technically speaking we see support on the May futures at $14.63. November support at $12.08.
As of 8:00am Spr. Wheat 1 higher. Win. Wheat. 3 higher
Values collapsed yesterday despite little to no precipitation over the HRW country. Winter Wheat is only rated at 34% good to excellent, down 1 from last year at this time. Spring Wheat planting progress is at 10% versus the 19% average for this time. Technically speaking we see support for May Winter Wheat at $7.25. May support for Spring Wheat at $7.00