May 1st 2014
Grain Marketing Specialist
Corn: As of 7:45- 3 lower
End of the month profit taking and lack of fresh news had corn on the defensive yesterday. Funds sold 4000 for the day.Forecast looks to possibly give some a chance for field work. Average planting progress for Monday is 42%. Ethanol production slowing to 898 bpa. Export sales this morning has 13/14 at 937.9 and 14/15 at 13.8 at the higher end of the estimates.
Soybeans: As of 7:45- 9-10 lower
As in corn soybeans spent the day on the defensive on light news and month end business. Funds estimated sellers of 3000. Continued talk of SA vessels loaded/loading headed to the US. Export sales this morning has 13/14 at -16.4 and 14/15 at 78.9. Look at that… net cancelations finally….
Wheat: As of 7:45- 2 lower
Wheat was firmer yesterday as the wheat tour progresses and reports of disappointing yield estimates surface. Talk that the Oklahoma could be as low as 66 mbu and Kansas could be sub 300 mbu. Export sales at 214.9 for 13/14 and 219.6 for 14/15 vs. 400-800 estimated. We look to be softer here this morning but wouldn’t be surprised if we see a 2 sided trade.