The following commentary does not necessarily reflect the views of AgWeb or Farm Journal Media. The opinions expressed below are the author's own.
Grain TV is a daily recap after the market close, providing opinions on fundamental analysis of market direction, influences and expectations. This daily program is produced by Grain Hedge, a discount brokerage firm that provides farmers and elevators with agricultural intelligence including live market quotes, cash bid data, the Grain Hedge Optimizer™ and mobile trading platforms, all for $7 commission per side. Grain Hedge provides tools to allow farmers the ability to trade when the markets move without having to wait for a broker and the information to execute a marketing strategy with confidence.
The market is open and we see mixed trading on the board right now. Corn down 3, soybeans up 7, and Chicago wheat up 1 1/4 at the time of this post. Today's USDA WASDE report didn't give the bulls much to run on, with the exception being lower ending stocks of wheat and improved export expectations for soybeans. Driving higher export expectations was a further downgrade in soybean production out of Brazil, which was lowered 2.5 MMT from the March report. This wasn't a huge surprise, as we saw private analyst Informa peg production in this area on April 4th.
1450 has provided resistance to the May soybean contract in recent trade sessions, and producers should keep an eye on this area if they are still holding old crop beans. Follow us on Twitter at @GrainTV to get live market updates if you are working in the fields today.
Tune in for the full report!
THERE IS A SUBSTANTIAL RISK OF LOSS IN TRADING FUTURES AND OPTIONS. FUTURES TRADING IS NOT APPROPRIATE FOR ALL INVESTORS. PLEASE READ OUR RISK DISCLOSURE.
No comments have been posted to this Blog Post