Good Morning! Paul Georgy with the early morning commentary for April 15, 2015 at 5:15 am.
Update - Morning Coffee Commentary:
Grain markets are mixed with some bargain hunting in European wheat. US Dollar chart shows signs of double top while crude oil reaches 100 day moving average resistance.
Weather forecasts are the focus of the trade as planting season is upon us for corn and the winter wheat crop needs rain to determine this year’s production.
Now is the time to be staying in touch with Allendale’s Meteorologist Ryan Martin, click here for the full commentary. An excerpt from Ryan’s thoughts: The next wave of moisture comes together over HRW areas starting Thursday afternoon. Initially, rains will just be scattered in nature as heavy rains take their time developing along the TX gulf coast. But, by Friday we should start to see nice, slow circulation around a low coming into CO and western KS that will gradually work its way east across the rest of the plains. This should promote 1-3 inch rain totals from North TX up through OK, KS and southern NE. WE look for coverage to be nearly 100%.
NOPA crush March data out today at 11:00 am. Trade is looking 155.3 million bushels crushed which would be above the record high of 153.84 million bushel set last year during March of 2014.
Recent rains across most of Ukraine have boosted soil moisture content, creating favorable conditions for late spring sowing, analyst UkrAgroConsult said.
US cash grain markets are steady as farmers are not interested in selling.
Funds are estimated to have been net buyers of 7,000 contracts of beans, 6,000 corn, 2,000 meal and 1,000 soyoil contracts.
Brazilian government releases on Tuesday 2 billion Reals for rural credit financing. This should be good news for Brazilian farmers trying to protect 2016 input costs.
China’s corn import margins are estimated to be in excess of $4.00 bu compared to feed users alternatives such as DDG, sorghum and barley.
Chinese farmers are likely to grow 1.9 percent more corn this year while reducing cotton acreage by 11.2 percent compared with last year, according to the National Bureau of Statistics.
(Reuters)-Farm pollution in China is worsening, despite moves to reduce excessive use of fertilizers and pesticides, said the agricultural ministry, urging farmers to switch to organic alternatives to tackle severe soil and water pollution. But experts say achieving the ministry's goal will be difficult without sacrificing food output, a top priority in the world's most populous country.
North Dakota's oil production slid for the second month in a row during February as falling crude prices zapped producers' incentives to keep the spigots fully open, according the state's Department of Mineral Resources.
EIA data is expected to show that crude stockpiles rose 3.5 million barrels to another record high. Eco calendar has Capacity Utilization and Industrial Production at 8:15 am.
April Hogs futures expires today. The June contract is currently trading approximately $18.00 above the cash index.
The number of U.S. poultry flocks infected with a deadly strain of bird flu rose on Tuesday as Iowa identified its first case and Minnesota confirmed eight more cases, according to the U.S. Department of Agriculture.
Dressed beef values were higher with choice up .75 and select up .23. The CME Feeder Index is 219.28. Pork cutout values are up .51.
Markets as of 5:15 AM CDT
- May Corn -2
- May Beans 2 3/4
- May Wheat 1
- May Soymeal .60
- Jun Dlr .36
- Jun S&P 5.25
- May Crude .67
- Apr Gold -.70
Technical Chart of the Day
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