April 30, 2015
Producer Marketing Manager
Today is first notice day on May futures contracts. Cash bids are now versus the July futures.
CORN: As of 7:45 – Up 1
The weekly EIA numbers showed ethanol run rates at 921,000 barrels/day (down from 930 last week) as we had a big round of plant maintenance shut downs last week. Futures were up yesterday, mainly on the weakness in the US Dollar. Export sales out this morning were decent at 32.8 million bushels, above the estimates of 20-28 and just below last week’s tally of 34.2 million bushels.
SOYBEANS: As of 7:45 – Up 5
Futures are stronger again this morning as we were able to trade and close above the 50 day moving average yesterday. Export Sales were fairly robust at 15.9 million bushels, easily outpacing estimates of 2-9.
WHEAT: As of 7:45 – Up 3
Firmer as well on the weaker dollar. In other news, Russia deputy prime minister indicated today that the export tax will come off by June 1 and not be renewed for new crop. Wheat export sales numbers were showing net cancellations for old crop wheat, total of 16.5 million bushels of negative exports in the old crop bucket. However, new crop sales came in at 31.3 million bushels, so it looks like a timing adjustment on sales.