Market Trend Corn, CK Down 2, Soybeans, SK Down 4, Wheat, WK
April 24, 2015 07:10 AM
HIGHLIGHTS
· Market Trend: Corn, CK Down $.02; Soybeans, SK Down $.035; Wheat, WK Down $.0125; KWK Down $.0125
· As has been the case this week, world stocks are mixed. Tokyo’s Nikkei declined 0.8% and the Shanghai Composite Index lost 0.5%. However, Hong Kong’s Hang Sen increased 0.8%. In early trading in Europe, Germany’s DAX gained 0.7% while Britain’s FTSE climbed 0.4%. In the U.S., stock futures are trending higher following Thursday’s record high close for the Nasdaq: DOW futures, +9; NAS, +27 and the S&P, +1. Outside markets: energy futures are mostly firmer; the $ Index is 0.094 lower at 97.36 and the price of gold is $3.60 lower at $1,190.80
· T-storm Weather: Two systems develop areas of rain through Saturday-Sunday across the Corn Belt, and through Monday-Tuesday from the central / southern Plains through the Delta; at least one full week of drying follows. Frost recurs in the northeast half of the Corn Belt this morning, but the primary reason that we are forecasting coolness through late next week is because a large system in the Southeast causes sustained northerly winds to dominate. Temperatures warm sharply from west to east from around May 1 forward; maximums in the 70s-80s become common with 90s at times in the western Plains
· May Corn Down $.02 at $3.6875; July Down $.02 at $3.7475. The Funds sold 2 K on Thursday
· May SB Down $.035 at $9.7475; July Down $.0375 at $9.7625. The Funds bought 4 K SB; bought 1K SBM and bought 3 K SBO
· May Wheat Down $.0125 at $4.965 July Down $.01 at $5.0025. The funds bought 3 K on Thursday
CORN/SORGHUM          
· December 2015 corn futures closed at $3.94 ½ on Thurs.—the lowest settlement price for the contract since Oct. 17
· Year-to-date total 14/15 export sales commitments of sorghum are 317 mbu, or 90.7% of the latest USDA forecast for 350 million. Outstanding sales: 91 mbu vs. 50 last year
· U.S. corn export sales for 14/15 of 34.2 mbu for week end April 16 were up 48% vs. last week and up 68% v. 4-week avg. This was also the highest total since the week ending Feb. 12. Outstanding sales: 548 mbu vs. 647 last year
· T-storm Weather: A new pattern suggests a larger-scale planting window is likely to open in the first week of May
SOYBEANS/WHEAT
· Export sales for U.S. 14/15 soybeans of 3.7 mbu for week end April 16 were down 67% vs. last week and down 29% vs. the 4-week average. Outstanding sales: 128 mbu v. 106 last year
· T-storm Weather: Sustained dryness causes soybean harvesting to accelerate from Argentina northward through Paraguay and South Brazil as surface-level high pressure suppresses rainfall
· U.S. 14/15 wheat export sales week end April 16: 14.6 mbu—a 6-week high. Outstanding: 140 mbu v. 164 in ‘14
· T-storm Weather: Wetness remains a potential concern for U.S. SRW wheat, especially in and adjacent Kentucky
ENERGY
· Firm: CLM15, -$0.11 to $57.63; EBM, +$0.56 to $65.41; EBM-CLM, +7.76, RBK, +$.0144; NGK, +$.025; HOK, +$.0044
· Cash ethanol markets remained mixed on Thursday: Chicago up ¾; New York added 3; Gulf tacked on 2; Tampa eased 2; Dallas down 1; and LA jumped 7 to $1.82 per gallon
· RINs posted gains: 2013’s added ¾ to 71-73; 2014’s up ½ to 73-74; and 2015’s were ½ higher to 70 ½-72
· The May RBOB/May Ethanol spread Is trading $.0274 higher at $.40/gal
LIVESTOCK/POULTRY  
· ; Choice boxed beef values were 5-cents lower on Thursday and are down 37-cents vs. last week
· Estimates for 2:00 PM CDT Cattle on Feed report: On Feed, 99.0% of last year; Placed, 95.6%; and Marketed, 98.1%.
· The USDA mandatory pork carcass cutout value was $1.98 higher on Thursday & is up $3.22 compared to a week ago
· CME Lean Hog Index was up $0.08 at $65.18. May futures $1.225 higher at $71.925 and are $6.745 above the index
Sources: Bloomberg, Dow Jones, AP, T-storm Weather
Brian Basting
mail to: bbasting@advance-trading.com
http://www.advance-trading.com
Back