April 23rd 2014
Grain Marketing Specialist
Reminder: May options expire on Friday of this week. If you have any minimum price contracts with a May strike price get in contact with you local Marketing Specialist, or you local elevator to discuss your options.
As of 8:00am May. unchanged, Dec. 1-2 higher
The corn market is holding steady this morning after rebounding during yesterday’s trade. Corn planting is behind schedule. Rain systems expected in the Corn Belt through the weekend further lending support to Dec futures. Dry weather forecast potentially could help farmers catch up. Support for May futures is at $4.80. December futures show support at $4.85.
As of 8:00am May. 9 lower, Nov. 1-2 higher
Soybeans fall to a one week low pressured by reports of incoming soybeans from Brazil and soymeal from Argentina. Delayed corn planting also has traders concerned. If we get to far behind schedule, beans acres will replace corn acres. Traders also looking at China, after sources said last week said the China may default on some 1.2 million tons of US and South American soybean shipments. May futures are finding support at $14.60. November futures finding support at $12.10.
As of 8:00am Spr. Wheat 6 lower Win. Wheat 3 lower
Wheat is lower this morning. Hard red winter wheat country is still dry with the crop deteriorating. Some rains forecasted through the week, and maybe into next week. Pressure remains on the fact that all wheat stocks in the US will remain adequate. World stocks are also adequate.