How Much Corn Will Be Planted This week?
May 01, 2014
Good Morning! Paul Georgy with early morning comments for May 1, 2014 at 4:30 am.
Grain futures are on profit taking and a little warmer weather forecast.
Producers in Indiana have been planting and will make excellent progress through the weekend. Other parts of the cornbelt are too wet and planting will be delayed a few more days.
When you have a chance, listen to Ryan Martin’s (Allendale Meteorologist) comments from Tuesday’s Ag Leaders Webinar. He shares his insight on planting and summer weather. Click here. You can read Ryan’s Daily Comment by going to http://www.allendale-inc.com/radio/weather/
We are starting to get confirmations of Brazilian beans being shipped to the US. There have been two cargoes of beans imported into NOLA, three are en route to Mobile, AL, Norfolk, VA and Wilmington, NC and another three cargoes showed up in the Brazilian line up making a total of 6 cargoes waiting to load beans for the US. Trade is now estimating 85 million bushel of soybeans could be imported in US.
The USDA will release this week’s export sales report at 7:30. The following are estimates surveyed by Reuters.
Trade Estimates Trade estimates
Wheat 150,000-350,000 250,000-450,000
Corn 450,000-675,000 200,000-500,000
Soybeans -250,000- +100,000 250,000-450,000
Soymeal 50,000-190,000 0-75,000
Soyoil 0-50,000 0-10,000
IMF approved a $17 billion aid program for Ukraine. The IMF will release $3.2 billion to Kiev immediately.
The EIA ethanol report showed production down from a week ago but still 5% higher than a year ago. So far this year, ethanol production is 10% larger than last year when USDA’s target is for a 7% increase.
National Pork Producers Council says the impact of PEDv could push US hog prices up 15 to 25% and consumer-level pork prices up by 10-12%. The NPPC sees US pork production down 6-8% in third quarter; higher hog weights will offset 7 million piglet deaths.
The Lean Hog futures have been extremely choppy this week as funds have been sellers. This week’s lows should be initial support to maintain uptrend on charts. Pork cutout values are up .73.
Beef seems to be getting more ink in the grocery store features this week. The retailers are expected to have purchased their need for Memorial Day by the 10th of May. Look for product to be well supported through that time. Beef product values are mixed with choice down 1.26 and select up 1.87. CME Feeder Index is 179.62.
Markets as of 4:30 AM
- Jul Corn -3 3/4
- Jul Beans -7 1/4
- Jul Wheat -2 1/2
- Jun Cattle -.02
- Jun Hogs -.02
- Jun Dlr -.03
- Jun S&P +1.00
- Jun Crude -12.50
- Jun Gold -3.80
Chart of the Day
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