Market Trend Corn, CK Down 1, Soybeans, SK Up 4,Wheat, WK Up
April 23, 2015 07:04 AM
HIGHLIGHTS
· Market Trend: Corn, CK Down $.005; Soybeans, SK Up $.0375; Wheat, WK Up $.02; KWK Up $.0525
· Once again, world stocks are showing a mixed trend. Japan’s Nikkei ended 0.3% higher while the Hang Seng Index was 0.4% lower. On Thursday, a preliminary reading of Chinese manufacturing activity came in at 49.2 in April vs. 49.6 in March, which could lead to further stimulus measures. In Europe, the FTSE is trading 0.05% higher while Germany’s DAX is 1.2% lower. Early trends in U.S. stocks are lower in pre-opening trade: DOW futures, -62; NAS, -12 and the S&P, -6. Outside markets: energy futures are mostly weaker; the $ Index is up 0.002 at 98.14 and the price of gold is $3.33 higher at $1,190.23
· T-storm Weather: A series of cool fronts generally keep the Corn Belt cool over the next week. Areas of rain form along the southern edge of coolness bringing rain to the southern half of corn, soybeans, and wheat – primarily along and south of Interstate 80. Some rain is also probable in spring wheat areas of / adjacent Montana around Sunday-Monday, but high coverage of organized rainfall is not expected. A notably warmer pattern begins next Friday-Saturday (May 1-2) as maximums reach above- or far-above average in the 70s-80s. At least near-average rainfall is most likely for the central U.S. the first week of May
· May Corn Down $.005 at $3.72; July Down $.01 at $3.785. The Funds sold 2 K on Tuesday
· May SB Up $.0375 at $9.7425; July Up $.04 at $9.7535. The Funds sold 3 K SB; sold 1K SBM and sold 4 K SBO
· May Wheat Up $.02 at $5.0075 July Up $.025 at $5.015. The funds were net even on Wednesday
CORN/SORGHUM       ;
·  Export Sales to be released at 7:30 AM CDT. Trade expects 16 to 24 mbu old-crop corn, 0-4 new-crop
· T-storm Weather: Weak waves of energy through today and a larger system Friday=Saturdaydevelop areas of rain within the southern half of the central U.S., resulting in generalized amounts of 0.50”-1.50”
· Ethanol grind: 930,000 barrels per day for week end April 17--up 6 thou vs. last week and 2.2% above last year
· December 2015 corn futures closed at $3.97 ½ on Wednesday; one year ago, the December 2014 corn contract settled at $4.95 ¾
SOYBEANS/WHEAT
· ATI Research: U.S. soybean meal exports are projected to average 188-190 K MT per week over the next month
· Export Sales to be released at 7:30 AM CDT. Trade expects soybeans, -4 to +6 mbu old-crop, 7-11 new-crop; soymeal, 50-150 old-crop, 0-50 new-crop; soyoil, 0-20 old-crop, zero new-crop
· T-storm Weather: A new weather system passes Sunday-Wednesday, most likely focusing rain on wettest areas to the south. Therefore, winter wheat receives 1.00”-2.00”+ of rain through 10 days
· Export Sales to be released at 7:30 AM CDT. Trade expects 0-4 mbu for old-crop all wheat, 2-9 new-crop
ENERGY
· Weaker: CLM15, -$0.10 to $56.06; EBM, -$0.01 to $62.72; EBM-CLM, +6.66, RBK, +$.0046;NGK, -$.019; HOK, -$.0028
· A mixed trend was noted in cash ethanol markets on Wednesday: Chicago off 1 ¼; New York down 1 ½; Gulf up ¼; Tampa and Dallas added 1; and LA was 2 ½ higher at $1.75 per gallon
· RINs were firmer: 2013’s up ½ at 70 ½-72; 2014’s added ¼ to 72 ½-73 ½; and 2015’s climbed 1/8 to 70 ½-71
· The May RBOB/May Ethanol spread Is trading $.0186 higher at $.3051/gal
LIVESTOCK/POULTRY ;
·   Choice boxed beef values were up 24-cents on Wednesday but are 74-cents lower compared to one week ago
· USDA Cold Storage report: March 31 total beef stocks of 479.8 mil lbs up 18% v. last year & 7% above the 5-year avg.
· The USDA mandatory pork carcass cutout value decreased 91-cents on Wed. but is up 54-cents vs. last week
· CME Lean Hog Index was up $0.34 at $65.10. May futures $0.90 lower at $70.70 and are $5.60 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather
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Brian Basting
mail to: bbasting@advance-trading.com
http://www.advance-trading.com
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