Weather and exports remains the theme in the Ag markets..
May 02, 2013
Weather remains the theme in the Ag markets. A slightly drier extended forecast for the cornbelt caused a few of the weather bulls to pause yesterday. Basically the GFS model removed some of the rainfall in the Midwest starting next week, now it looks a little wetter. With falling temps, more rain and snow now hitting the ground across many parts of the Midwest (13' inches of snow in parts of MN, winter weather advisory in IA) the trade should remain hesitant today in reducing any additional weather related premium.
USDA weekly export sales data this morning seen as strong for new-crop corn, beans and wheat. Cancelations and negative sales reported for old-crop beans for the second weak in a row... Chinese soy demand slowing???
- Corn sales reported as 329,300 for old crop and 656,000 for new crop.. Trade was looking for a combined total of between 800,000 and 1.0 million. Last weeks sales totaled just 335,900: Old-crop sales reported at 314,700 tons, new-crop sales at 21,200.
- Soybean sales reported as NEGATIVE -109,800 for old crop and +1,341,1000 for new crop. Trade was looking for a combined total of between 600,000 and 900,000. Last weeks sales totaled just at 422,200. Old-crop sales were a NEGATIVE -206,300, new-crop sales were 628,500.
- Wheat sales reported as 219,200 for old crop and 497,300 for new crop. Trade was looking for a combined total of between 300,000 and 500,000. Last weeks sales totaled 306,400. Old-crop sales at 71,700, new-crop sales at 234,700.
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