May 22, 2014
Producer Marketing Manager
CORN: As of 7:45 – UP 5
Playing second fiddle to soybeans this week. The weather looks favorable for the corn crop if you were dry enough to get it planted. Weekly export sales out this morning were at 20 million bushels of old crop, which was at the upper end of expectations (13-20).
SOYBEANS: As of 7:45 – UP 26
The bean market shook off a poor close on Tuesday to rebound significantly yesterday. We did not take out Tuesday’s highs yesterday, but we have blown through it this morning! The funds bought an estimated 9000 contracts of beans and 4000 contracts of meal yesterday. Weekly export sales showed 6 million bushels sold this past week, which lend to the fact we continue to get tighter on the old crop balance sheet. The chart below is the weekly Nov beans……will we test the $13.00 mark after trading thru the overriding downtrend this morning?
WHEAT: As of 7:45 – Steady to Down 1
HRS seeding is still taking place in ND as the weather has been cooperating a little bit better. Wheat export sales were neutral this week at 5.2 million bushels of new sales. The market was expecting 2-9.