April 16, 2015
Grain Marketing Specialist
Weekly export sales will be released this morning
CORN- Down 1
Corn futures closed positive on Wednesday with help from a weaker dollar but good planting weather is keeping a lid on what futures can do in the short term. Ethanol production for the week was down 12,000 barrels per day with stocks up 0.1 mln barrels. Export estimates for tomorrow’s report range from 400tmt to 600tmt. Support for May corn is found at $3.67 with support on the December 15 contract found at $3.92.
SOYBEANS- Down 4
NOPA crush numbers released on Wednesday rallied the market up 17.5 cents before selling off to finish up 4.5 on the day. The March crush number was technically supportive to the market, coming in above expectations at 162.8 mln bushels. Rains in Argentina are slowing harvest progress which is supporting nearby futures this week. Funds narrowed their short position post-report by 3,000 contracts on Wednesday. Nearby support for May 15 can be found at $9.44 with November 15 showing support at $9.33.
WHEAT- Minneapolis Up 1, Kansas City Unchanged
Rain forecasts for HRW areas are weighing on markets this week with some forecast models calling for record precipitation amounts for the month of April. Both Minneapolis and Kansas City markets made new contracts lows yesterday as the funds continue to add to their short position. Trade estimates for tomorrow’s export sales report range from 100tmt to 300tmt. World wheat stocks keep looking better as Ukraine and parts of Southern Russia are receiving ample rain fall in HRW areas.