5/12/14 Good afternoon, Funds were sellers of an estimated 7000 contracts, as favorable weather conditions pushed corn futures lower. This afternoon will bring updated planting progress numbers. The trade is looking for the U.S. corn crop to be near 55% - 60% planted. Last week 29% of the corn crop was estimated to be in the ground compared to 28% last year and a 70% average. Substantial progress is said to have been made throughout IA, NE, and IL compared to last week, while ND, SD, and portions of MN and OH are said to be lagging. Weekly corn export inspections totaled 47.2 mln. bu. this morning, which was above expectations. In order to meet the USDA’s current forecast, the U.S. must average 43.8 mln. bu. per week the balance of the marketing year. It will be interesting to watch U.S. export sales as we move forward as FOB corn offers are said to be becoming more aggressive in Brazil as their crop advances into maturity. Soybeans traded weaker today as hedge funds continued to liquidate their long positions. Weaker export demand for U.S. beans coupled with rumors that up to 44 mln. bu. of soybeans are headed to the U.S. continues to be viewed as bearish, as does talk that China will auction 300 TMT’s of soybeans from their government inventories this week. As of midday funds were estimated to have sold approximately 5,000 contracts of beans. This afternoon will bring updated planting progress numbers. Analysts are expecting to see approximately 15% -20% of the U.S. soybean crop planted. This would compare to 5% last week and 6% last year. Weekly soybean export inspections came in this morning at 8.8 mln. bu. In order to meet the USDA’s forecast the U.S. must average 4.3 mln. bu. per week the balance of the marketing year. Have a good evening! Adam Bauer Grain Originator Western Grain Marketing Cell:309-333-7617 Office:309-653-2650
Posted on: Mon, 12 May 2014 20:05:52 +0000
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