May 23, 2013
Producer Marketing Manager
Corn: As of 7:45 – Down 4
Values were strong yesterday for both old and new crop prices on stronger ethanol and export news. Weekly ethanol production released in the morning showed an increase over last week and was near the 12 month high at 875,00 barrels per day. We also had old crop corn sales announced to China (14.5 million bu) as well as another sale to unknown. Weather forecasts for the northern plains are showing continued precip chances this weekend and continuing into next week that may hinder planting completion. Weekly exports this week have old crop sales near the lower end of trade expectations at 4.1 million bushels (4-8), and new crop above expectations (4-12) at 13.4 million bushels.
Soybeans: As of 7:45 – July Down 2, Nov Down 3
July soybean futures were stronger yesterday, following other grains higher. Overnight the July contract poked above $15.00 and posted its highest point since September. Cash prices, however, were on the defensive and continued to slip as processors and river bids backed off their premiums. Good Weekly Export sales this morning as old crop sales were 6.7 million bu (0-4 expected) and new crop sales were at 30.8 million bushels, almost double trade expectations (14-18).
Wheat: As of 7:45 – Mpls Up 2, KC Up 4
Weather on all fronts……not much for planting progress this week in ND on the remaining half of their HRS crop, and watching HRW reports as that crop starts to head out in TX, OK, KS. Wheat exports were also above expectations at 8.8 million bushels of old crop and 26.2 million bushels of new.