~~Market Comments: 4/24/2014
Overnight the markets traded mixed selling off on good planting progress and talk of more vessels of beans being switch to the US from China, then firming up on a cold wet forecast, a poor wheat crop, an El Nino weather pattern forming, tight US soybeans supplies, and good demand for US corn. Currently we are trading unchanged to 1 higher in corn, mixed in soybeans, and 2-4 higher in wheat. The outside markets are mixed this morning with crude oil trading higher, gold lower, and the dollar lower.
IN OTHER NEWS:
**** 6-10 Day Forecast: Normal to Above Temps. Normal to Above Precip.
**** Grain markets trading mixed this morning. Soybeans weaker as the rumor mill about more imports of Brazil Soybeans and Argentine Soybean Meal continue to circulate. Corn firmer as Bulls talk up late planting due to rain and cool temps.
**** Crude Oil higher $101.78 up .34 **** Gold lower $1278.00 off $6.20
**** The Dollar is trading slightly lower this morning.
**** World stocks, Japan off 0.9% China off 0.5% Europe up 0.7% Dow futures up 38 points.
**** Dalian Exchange, Soybean, Corn and Soybean Meal futures higher. **** Palm Oil up 0.1%
**** Stats Canada out with Canadian planting estimates this morning.
Traders are estimating All Wheat acres at 24.4 million vs. 24.7 million last year.
Canola acres 21.1 million acres vs. 21.6 million last year. Corn 3.4 million acres vs. 3.5 million last year. Barley 6.7 million acres vs. 6.7 million last year. Soybeans 4.8 million acres vs. 4.5 million last year.
**** Wednesday Funds, Bought 9,000 Corn, 1,000 Wheat. Sold 3,000 Soybeans, 1,000 Oil. Even Meal.
**** Reports out of China and Japan that 3 employees of the Japanese company Marubeni have been detained by Chinese authorities. The thought is that this action is connected to allegations of tax evasion on Soybean imports.
**** Weekly Export Sales estimates: Corn 650,000 to 1.000 Soybeans old crop -200,000 to 100,000
new crop 350,000 to 550,000 Wheat 450,000 – 900,000 Meal 75,000 – 225,000 Oil 0 – 35,000
**** The EIA reported weekly Ethanol production at 910,000 barrels per ady off 29,000 barrels per day from last week. Ethanol stocks came in at 16.5 million barrels up 566,000 barrels from last week.
**** The USDA will release their monthly Cattle on Feed report Friday. Average estimates:
On feed 100.25 Placements 100.8% Marketings 96.4%
**** The USDA reported weekly Eggs sets were up 2% from the same week a year ago while Broiler
placements came in down 1% from the same week a year ago.
**** The BN railroad announced new fright rates for Soybeans from North Dakota, South Dakota and Minnesota to ST. Louis and East ST. Louis effective April 22
Nd to September 30th
USDA CROP PROGRESS Monday 4/21/2014 @ 3:00 PM
USDA Weekly USDA EXPORT SALES Thursday 4/24/2014 @ 7:30 am
Weekly USDA EXPORT INSPECTIONS Monday 4/28/2014 @ 10:00 am
HAVE A PREMIER DAY
The information contained in this report is believed to be reliable but is not guaranteed to accuracy or completeness by Premier Cooperative, Inc. This report is provided for information purposes only and is not furnished for the purpose of, nor intended to be relied upon for specific trading in commodities here in.