Stanford Grain will be closed Friday April 18th for Good Friday! (CBOT is closed Friday. Grain markets open at 7:00PM Sunday night) Wishing everyone a Happy Easter!
Tuesday Afternoon Comments (4/15) Corn futures had another fairly quiet today as it has turned into a follower this week. The neighboring bean and wheat markets offered some excitement and support today, but corn has little new news to trade off of. 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. The initial crop progress report for the 2014 season yesterday showed U.S. corn at 3% planted versus the average of 6%. Illinois is 1% done.
Nearby soybeans attempted a run at the contract high ($15.12 set last week), but did fade slightly near the close. 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.
Wheat futures were sharply higher today as the Ukraine/Russia situation heats up again. The two opposing forces have been engaging in eastern Ukraine. No grain disruptions have been noted, but there is growing concern that it will if tensions don’t ease. The lack of rainfall in the plains also offers support. Winter wheat ratings were down 1% to 34% good to excellent. Have a Good & Safe Night!
Duracade Notice: If you are planting corn with the Duracade trait this spring and plan to haul it to Stanford Grain, please let us know. We will need to make arrangements to handle it. Thank You for your cooperation.