April 15, 2014
Producer Marketing Manager
Today is the deadline to file your Federal Income Taxes….do you have your tax return postmarked yet?
CORN: As of 7:45 – Down 3
Support from the wheat pits as well as another strong weekly export inspection number helped propel corn into higher territory yesterday. The first crop progress report of the growing season was released after the market close and showed 3% of the nations corn planted so far, which was just ahead of guesses and below the 5 year average.
SOYBEANS: As of 7:45 – Nearby UP 8, Nov Down 1
Old crop beans advanced on new crop prices yesterday as nearby was up double digits and the November contract up a nickel. We continue to load soybeans for export as 9.8 million bushels were inspected last week. Tight US balance sheet for old crop vs. ample world supplies continues work the market.
WHEAT: As of 7:45 – MPLS Down 1, KC Down 3
BRRRR…….Combine Ukraine tensions with freezing temps dipping as far south as TX in mid April and you have some fuel for a price rally. Crop conditions out yesterday afternoon showed HRW conditions dropping 1% in the Good/Excellent category vs last week. Notable changes were KS down 3% and OK down 1%.