May 1, 2015
Producer Marketing Manager
It’s May Day….. CME has new daily price limits that take effect today and will be in place till Nov 1st: Corn $0.30 (up from 0.25), Beans still at $0.70, and KC Wheat still at $0.40.
CORN: As of 7:45 – Down 1
Interesting tidbit in the New Crop Export arena……South Korea bought Brazil corn for Oct at a 50c discount to US Gulf and Ukraine corn for Dec at a 35c discount. So our competitors are more bearish corn than we are in those slots. Below is a current picture of May FOB corn values......as yesterday's export sales showed, we are fairly competitive in the world market as of now.
SOYBEANS: As of 7:45 – Down 4
Technically, a very ugly day in soybeans yesterday after we traded above the 50 day moving average and challenged the prices we had traded earlier in April before selling off and closing down 12 on the July futures. The labor disputes in Argentina that got the market excited earlier in the week settled down a little yesterday. Bean seeding is going on, what will the planting progress report show on Monday?
WHEAT: As of 7:45 – Up 1
Wheat gave up all of Wednesday’s gains yesterday as it traded in tandem with soybeans. Also seeing some pressure coming on Black Sea wheat values as talk of export tariffs potentially being lifted my mid-May now, allowing more of that wheat to hit the market. Cross our fingers and hope NOAA is accurate on their 7 day precip totals!
Check out www.growingtogether.coop for more information on the proposed unification with WG and NCFE.