April 24th 2014
Grain Marketing Specialist
Reminder: May options expire on Friday of this week. If you have any minimum price contracts with a May strike price get in contact with you local Marketing Specialist, or you local elevator to discuss your options.
24hr Rain Fall
As of 8:00am May. 2 higher, Dec. 3 higher
The corn market is holding its own this morning. Slow producer selling and weather forecasts continue to lend support to the market. Export sales report this morning has total sales at 619,000 metric ton versus 314,000 this time last year. Trade is anticipating a slow planting report again on Monday. Both May and December corn futures got above $5.00 yesterday with resistance, for both, around the $5.10 mark.
Recent Soil Temps
As of 8:00am May. 4 higher, Nov. 1 higher
Pressure remains on the soybean market. Everybody knows that the US soybeans stocks are very tight. Recent diversion of South American soybean and soymeal exports, to the US, coupled with China cancelations and US weather forecasts has the Trade psychologically on edge. South American harvest continues at a respectable pace, with weather forecasted as favorable down there. Weekly export sales at only 800 tons! China cancels 55,000 metric tons, but buys new from Canada and Mexico. Soymeal sales came in at 186,000 metric tons versus 193,000 last year. On the charts we are seeing the May contract hitting support at $14.60. November futures are still holding their own with support around $12.10 and resistance between $12.30 and $12.40 on the board.
As of 8:00am Spr. Wheat 10 higher, Win. Wheat 9 higher
Wheat is continuing to rebound from Monday’s trade. Winter Wheat country is seen as in dire straits making it hard to push futures lower. Also lending support to the wheat markets is the 6-10 day weather forecast which is seen as dry for the western belt. Kansas crop tour starts next week. Stats Canada planting report comes out this morning. Expectations, for that report, have Canada planting more canola than wheat. Export sales, for old crop, this morning are at 339,000 metric tons versus 72,000 last year. New crop sales came in at 271,000 versus 234,000 last year. Ukraine/Russia situations still being watched closely.