April 13, 2015
Grain Marketing Specialist
Weekly export inspections to be released this morning
CORN- Down 2
Corn futures slid 10 cents last week on May futures as we continue our downward trend since the March 31st stocks report. Export demand wasn’t bad last week as we had a good export inspection >40 mln bushels and a sales number of over 20 mln bushels. U.S. carryout was raised 50 mln bushels last week as the WASDE revised their monthly estimates. May support looks to be found at $3.725 with support on the December contract found at $4.00. Below is a look at the day chart for December 15 corn…
SOYBEANS- Up 1
May Soybean futures dropped 34 cents last week as exports were lower than expectations and carryout was lowered minimally to 370 mln bushels. China crush margins continue to suffer as they have been cut in half over the last month. On Friday the USDA announced 140tmt of old crop and 60tmt sold to unknown. The South America crop continues to get larger as CONAB raised its Brazilian production estimate this past week. Nearby support for May futures can be found at $9.44 with support on the November contract found at $9.33.
WHEAT- Minneapolis Down 12, Kansas City Down 17
May wheat closed out last week around the 50 day moving averages for both Minneapolis and Kansas City markets. Weather models over the next week show precipitation over HRW areas that are currently pretty dry. Spring wheat acres on the March 31st prospective plantings report showed 12.1 mln acres to be planted versus 12.247 mln acres planted this past year. National spring wheat seeding is estimated around 10% complete as of Friday.