~~Market Comments: 4/17/2014
Ag markets will be closed Thursday night and Friday,
in observance of the Good Friday Holiday.
Markets will resume trade on Sunday night at 7PM CDT.
Corn again was on the defensive as we enter a 3 day
weekend. Improving weather forecasts for the corn belt the
primary driving force behind the selling today. Funds were
sellers of up to 5000 contracts of corn. CN made new
contract lows for the week as it nears support near the
$4.90-$4.95 level. Overall, it was a low volume, quiet day
of trade. Above normal temps expected for the corn belt
through next week with several different chances of rainfall.
Rainfall totals however, are expected to be on the light side.
Areas of the southern U.S. Plains receiving some rainfall
today but wheat prices on the board closed firmer both in
Chicago and Kansas City. Reports of corn planting taking
place in the Springfield, Il. to Jacksonville, Il. corridor.
Weekly export sales were towards the low end of the trade
guesses at 23.7 mln. bu. Sales for the 13/14 crop year now
totals 1.676 bln. bu. or 94% of the USDA goal. The USDA
announced a 125,000 ton corn sale to S. Korea this morning.
Soybeans were under pressure from the ever present
China story and an improving weather forecast for the
U.S. corn belt. Funds were sellers of up to 3000 contracts
of soybeans while they were also sellers of meal and oil.
Liquidation of old/new spreads enabled the new crops to
end the day firmer. Besides the threat of defaults and
outright cancellations of soy cargoes to China, there is
also talk of multiple cargoes of S. American meal heading
to the U.S. east coast. It does pencil but executing is a bit
more difficult. Weekly soybean export sales of 700,000
bu. were on the low side of trade guesses but not
surprising. Sales for the 13/14 crop year now total 1.639
bln. bu. or 104% of the USDA goal.
USDA Weekly USDA EXPORT SALES Thursday 4/17/2014 @ 7:30 am
Weekly USDA EXPORT INSPECTIONS Monday 4/21/2014 @ 10:00 am
USDA CROP PROGRESS Monday 4/21/2014 @ 3:00 PM
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.