- Feeder's to Bond Yield up 5% week!, more
- Morning Grains Report 04/23/2018
WHEAT General Comments Wheat markets were lower as weather and demand remained the dominant factors in the market. Some rains are in the forecast [...] The...
- Morning Grain Market Research
We have been greeted with predominantly positive price action in the grain/soy arena as we begin this new week. I suspect the rationale behind the strength...
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Soybean futures saw losses of 4 to 8 cents in most contracts to start the week on Monday. Soy meal was down $2.30/ton, with front month soy oil 26 points lower. USDA export inspections for soybeans in the week that ended on April 19 were 470,817 MT. That was slightly higher than a week ago but is still 27.33% lower than this week in 2017. Shipments for soybeans YTD are at 42.82 MMT, 12.5% lower than the same time in 2017. This afternoon, the USDA showed that 2% of the US soybean crop was planted as of Sunday. That is even with the average pace, but lags last year’s 5%.May 18 Soybeans closed at $10.20 3/4, down 8 cents,Jul 18 Soybeans closed at $10.32 1/4, down 8 cents,Aug 18 Soybeans closed at $10.34 1/2, down 7 1/2 cents,Nov 18 Soybeans closed at $10.28 1/4, down 6 3/4 cents,May 18 Soybean Meal closed at $371.80, down $2.30,May 18 Soybean Oil closed at $31.04, down $0.26
Corn futures closed the Monday session with most contracts 1 to 2 cents higher. This morning’s USDA Export Inspections report indicated corn exports at 1.719 MMT for the week of 4/19. That was a jump of 9% from the previous week and 17.18% larger than this week last year. YTD exports are 20.31% lower than the same time last year. Monday afternoon, NASS reported that 5% of the US corn crop was planted as of April 22, just shy of analysts’ expectations at 6-7%. That is well short of the normal pace of 14% complete and last year’s 15 % planted.May 18 Corn closed at $3.78 1/2, up 2 cents,Jul 18 Corn closed at $3.87 1/2, up 2 cents,Sep 18 Corn closed at $3.95, up 2 centsDec 18 Corn closed at $4.04 1/4, up 1 3/4 cents
Wheat futures were mixed in the KC contracts on Monday, with CBT down 1 to 3 cents. MPLS was 9 to 12 cents lower. Rainfall amounts were disappointing for the Southern Plains over the weekend, with a number of locations in the 0.2-0.4” category. Some locally heavier amounts were seen. The USDA tallied wheat exports at 619,251 MT during the week of 4/19 in this morning’s Export Inspections report. That was a 22.63% jump from a week ago but was 2% shy of this week last year. The winter wheat crop was estimated at 13% headed as of Sunday, lagging the average at 19%. Condition ratings were steady at 31% gd/ex, with the Brugler500 at 285 on higher excellent ratings. The improvement came mostly in the SRW regions, up 5 points to 363. The HRW state ratings were down 3 points to 267. The spring wheat crop saw a few states progress with planting, but the national pace was UNCH at 3% planted. The typical average is for 25% of the crop to be planted by now.May 18 CBOT Wheat closed at $4.61 1/2, down 1 3/4 cents,May 18 KCBT Wheat closed at $4.83 1/4, up 1/2 cent,May 18 MGEX Wheat closed at $5.88, down 12 cents