Good afternoon, Corn futures turned into a follower this week after gaining support from the soybean and wheat markets. May corn has traded in a roughly 15 cent trade over the last week. Strong demand and tighter ending stocks have offered support, while the prospects for better planting progress next week offers resistance. Temps are cool again this week, but heat is expected to return as the week progresses. Temps are expected to be normal to above next week as well. Many parts of Illinois are expected to be very busy planting corn if this forecast is realized. The recent escalation between Ukraine and Russia has also helped corn futures try the recent highs this week. As a reminder, Ukraine is the 3rd largest exporter of corn in the world. Any further conflict could lead to a disruption of exports there, and that would potentially shift some additional corn business back to the U.S. Nearby soybeans attempted a run at the contract high ($15.12 set last week), but did fade slightly near the close.Nov beans closed at its highest point since July. The NOPA crush report helped push beans along today. NOPA crush for March totaled 153.8 Mln. bu. Expectations were for 146.1 Mln. bu. Today’s total compares to 141.6 last month and 137.1 last year. Cumulative NOPA crush since Oct 1st totals 934.9 Mln. bu., which compares to 902.3 Mln. bu. for the same time period a year ago. Crush margins remain strong. May futures were able to bounce off of the $14.60 area again as renewed attempts to ration demand offers support. Not much new in South America to drive the market. The 1st crop bean harvest is getting closer to completion in Brazil, but only about 20% done in Argentina. Adam Bauer Grain Originator Western Grain Marketing Cell:309-333-7617 Office:309-653-2650
Posted on: Tue, 15 Apr 2014 21:11:55 +0000
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