April 29, 2015
Producer Marketing Manager
CORN: As of 7:45 – Up 3
Planters roll….this has some in the trade worried that we will see more corn acres and that is why we saw beans rally on corn again yesterday. Basis levels continue to advance and the May/July spread traded at less than a 3 cent carry yesterday. First notice day is tomorrow and we have started to see some bids roll to the July. Iowa looks to be the bull’s eye for precip over the next 7 days.
SOYBEANS: As of 7:45 – Steady
The weather forecast looks dry and warmer for the next several days, keeping an open window for fast paced corn planting. As mentioned in the Corn section above, this has some in the trade talking about an increase in corn acres and decrease in bean acres. USDA reported an 2015/16 export sale to “unknown” of 14 million bushels……more than likely China is the buyer at this point.
WHEAT: As of 7:45 – Up 2
Wheat contracts ended up trading higher yesterday after making new contract lows earlier in the day. The strength in the bean complex and short covering on the lows pulled them into positive territory at the end. The May/July Minneapolis spread is trading past 14 cents this am as we approach first notice day tomorrow. The Minneapolis Spot Floor bids rolled to the July futures.