Published on: 14:55PM Apr 17, 2012
Good afternoon. The market saw a rebound from yesterday’s sell off on the surge in the U.S stock market and higher energy markets. May wheat finished up 6 cents at 622 ¼. Talk of wheat being oversold and the weekend outlook looking cold in the eastern Corn Belt helped provide some support as the wheat crop is advancing and could be vulnerable to freezing temperatures.
Traders will be monitoring the crop progress report today. The trade is expecting corn plantings to be near 17% complete vs. 7% last week. Some estimates were over 20%. Export inspections came out late yesterday and were 42.87 million bushels which was sharply above trade expectations. May corn finished the day down 6 ½ at 616 ¾ and new crop corn December corn was up 3 ½ at 529 ¾. Unwinding of old/new crop corn spreads weighed on the corn market the whole day. The July/Dec. corn spread settled at 77 ½, down 9 ½ cents for the day. Just 2 weeks ago it made a high of 112 ¾.
May beans finished up 7 ¾ at 1427 ¾ and new crop November was up 8 ¾ at 1358 ¾. News of further strong export demand for U.S beans helped spark the beans higher early in the session. The USDA confirmed sales of 225,000 tonnes of U.S soybeans to an unknown destination with 110,000 tonnes for the 2011/12 season and 115,000 for the 12/13 season. Continued estimates for a smaller South America crop than the April USDA estimate also supported the bean complex.
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