5/7/14 Good afternoon, Corn futures ended the day on the defensive down 3 on nearby, and finishing at option on new crop. Funds were sellers of 1,000 contracts by mid-session. Strength in corn yesterday from perceived planting delays were not enough to carry on today. 55-60% of the crop may be shown as planted in next Monday’s progress report. Overall, weather forecasts seem fairly conducive to planting. Weekly ethanol report showed production down slightly for the week but 6% above last year. 93.87 mln. bu. of corn used vs 99.15 mln. bu. needed to meet USDA projections. Ethanol stocks down slightly from last week. 3,290 mln. bu. of corn used so far this marketing year for ethanol production. Weekly export sales tomorrow morning expected between 19.7-31.5 mln. bu. Friday’s S&D report expected to show a decline in 13/14 ending stocks to 1,314 mln. bu. on an increase in exports. 14/15 ending stocks are expected at 1,672 mln. bu. Soybeans defensive today but failed to put in a sharply lower close that seemed possible mid-session. Old crop beans closed 13 cents lower and new crop was 8 cents lower. Gulf basis and old crop spreads easing as well as continued talk of soybeans moving into the U.S. seemed enough to pressure soybeans today. Funds were sellers of 4,000 contracts by mid-session. The surprise today may have been that new crop beans held up as well as they did considering world bean ending stocks for both 13/14 and 14/15 are expected to increase, as are 14/15 U.S. soybean ending stocks. Friday’s S&D report is expected to show 13/14 ending stocks at 135 mln. bu. and 14/15 ending stocks at 307 mln. bu. Possible 13/14 export adjustment has the trade interested as 1,523 mln. bu. of beans already inspected. Weekly export sales in the morning expected at 0. Brazilian soybean production estimates are 89-90 MMT vs. USDA est. of 87.5 MMT
Posted on: Wed, 07 May 2014 21:26:58 +0000
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