Corn Planting Progress Seen In Most Of Midwest
Apr 24, 2015
Good Morning! Paul Georgy with the early morning commentary for April 24, 2015 at 5:15 am.
Grain markets are lower as weekend takes spotlight. Larger production estimates out of Argentina and lighter than expected road blockage in Brazil weigh on markets. Outside markets were mostly lower on profit taking.
Update - Morning Coffee Commentary:
Weather forecasts for the next 10 days open up for more fieldwork in much of the Midwest. Delta and Mid-south still struggle with wet conditions.
Canadian farmers intend to plant more wheat, oats, and barley in 2015 than they did in the last year, according to a Statistics Canada survey. Field conditions should allow them to plant 24.8 million acres compared to 23.835 million acres in 2014.
Argentine’s agriculture ministry says farmers are expected to harvest 59 million tonnes of soybeans this season which is up from its previous estimate of 58 million tonnes.
The International Grains Council on Thursday raised its forecast for 2015/16 global corn production by 10 million tonnes to 951 million although it remained well below the prior season's record 994 million tonne crop. Global wheat production in 2015/16 was cut by 4 million tonnes to 705 million due to reduced prospects in Argentina, China.
US Trade Representative Michael Froman expressed disappointment that the European Commission has decided to let member states have 'opt-outs' on imports of genetically-modified food and feed
Expiration for the May grain options is at today’s close.
Effective Thursday, April 30, 2015 for the trade date May 1, 2015 the CBOT will reset price limits for grain and oilseed futures. The changes for the daily limit in corn will go from $.25 to $.30, CBOT wheat changes from $.35 to $.40 and soybeans will remain the same at $.70.
Weekly egg sets were 102% while chicks placed at 104% of a year ago.
USDA will release April 1 Cattle on Feed numbers at 2:00 pm this afternoon. Trade is expecting COF to be 98.6% of a year ago and March placements at 94.5%. Marketing’s are expected to be 98.6% of a year ago.
The discount of futures to cash prompted short covering in cattle on Thursday. Today’s trading limit will increase to $4.50 per cwt for live cattle contracts. June cattle will have resistance at the 100 Day moving average which crosses at 149.25. Cash trade is done for the week with most cattle trading at 158.
Dressed beef values were mixed with choice down .05 and select up 1.52. The CME Feeder Index is 215.57. Pork cutout values are up 2.19.
Markets as of 5:15 AM CDT
- May Corn -2 1/4
- May Beans -4 1/4
- May Wheat -1 1/4
- May Soymeal -1.10
- Jun Dlr -.03
- Jun S&P -.50
- Jun Crude -.25
- Jun Gold -2.70
Technical Chart of the Day
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