Growers Edge | Welcome
 
AG NEWS  
Select Ag News
Apr 24 - Morning Comments

Grains were fairly subdued overnight. Wheat was the leader to the upside gaining 3 cents while corn was 1 cent higher. Soybeans slipped 2 cents in the night trade.

Soybeans continue to trade well below $15 for front month May futures as traders expect more cancellations of soybean exports and talks of Brazil bean cargoes coming to the US markets. Basis levels continue to hold up relatively well, but deferred delivery beyond June is starting to fade pretty quickly. Export sales were disappointing this week with only 800 MT of old-crop sales, but even more bearish was the lack of significant business for new-crop with only 118,000 MT of sales versus trade expectations of 350,000 to 550,000 MT.

Blog_650x200_B

In corn, EIA weekly ethanol production showed a drop from the previous week with output off 29,000 barrels per day for a weekly average of 910,000 barrels per day. The weather is expected to be wet over much of Iowa and Illinois today and tomorrow which could hamper corn plantings. However, the longer term outlook is for dry weather to return to the Midwest and with it still being April, it is probably too early to be overly concerned about planting delays. On Wednesday, USDA reported China bought 120,000 MT of US sorghum for old-crop delivery, signifying they are still in the market for feed grain even if they aren't buying US corn.

For wheat, markets have remained downwardly biased after rain helped give some modest relief to the Southern Plains. Over the past week, 1 to 2 inches of rain were observed in Southern Oklahoma and Western Kansas. However, dry conditions are expected over the next 10-day forecast period for much of the Southern Plains, so it seems drought conditions will likely persist. In international deals, Morocco bought 30,000 MT of wheat overnight from Poland. This morning Stats Canada released their wheat plantings estimate for 2014, which they pegged at 24.766 million acres, just a bit more than 24.4 million acres expected, but off from 2013 plantings of 26.1 million.

WEEKLY EXPORT SALES (in thousand metric tons)

  OC Actual OC Expected NC Actual NC Expected
Corn 618.9 500-800 382.9 150-250
Soybeans 0.8 -200 – +100 118.2 350-550
Wheat 339.1 200-400 271.7 250-500

 

 

Back to Top
© 2013 Growers Edge. All rights reserved. Home About Us Print this PageContact Us Web Use Agreement Email: growers-edge@growers-edge.com Ph: 866.678.3343
    Craig Mouchka, President    Des Moines, IA
 
 

Use of this website constitutes acceptance of the Web Use Agreement.
®,℠,™, Trade Marks and Service Marks of Growers Edge
Growers Edge is optimized for Internet Explorer 6.0 and higher and a screen resolution of 1024x768 and higher.
© 2010, Market Data provided by Barchart
Information is provided 'as is' and solely for informational purposes, not for trading purposes or advice, and is delayed.
For terms of use, please see disclaimer.
 
Contact Us
Refer a Friend