· Current Trends: Corn, Steady to Up 1; Soybeans, 4-7 Higher; Wheat, 3-4 Higher · Asia was mixed this morning; most European markets with the exception of London are trading lower. Citigroup noted a 30% increase in global equities since the 2011 lows, yet per share earnings have been flat, implying future gains may be a little more difficult to come by. U.S. stock futures are mixed at 6 am CDT: the Dow index is pegged 3 higher; the S&P is ¼ point lower with the Nasdaq indicated up 1. Gold is trading $25.80 lower; the energies are mixed and the $ Index continues to work higher, 84.25 · Producers made good planting progress yesterday as the Central Belt was mostly clear. Some light rains fell from N IN, OH into PA while the northern Plains and Texas saw 0.2-0.5” rains. Rains ending today in the WCB should provide 40-45% coverage of 1/3rd of an inch and in the ECB, 75% coverage of up to ¾” is expected through today. Rain will be increasing from Sat-Mon in the west and Monday into next Wednesday in the east with ample amounts and widespread coverage. The Dakotas into northwestern MN can look forward to 1-3” amounts. Following that event, drying should begin to take place across the majority of the U.S. at mid-week. Late next week should bring a couple of rain events to HRW areas; coverage of up to 2/3rd’s of the region is likely with varying amounts. · July Corn Steady at $6.5075; Sep Corn Up $.0025 at $5.6375. Funds sold 5 K yesterday · July SB Up $.0450 at $14.1725; Aug SB Up $.0675 at $13.4875. Funds sell 2 each SB, SBM, and SBO · July Wheat Up $.03 at $6.9675; Sep Wheat Up $.0450 at $7.0675. Funds sell 6 K
· Weekly Export Sales Report released at 7:30 AM CDT. Trade expects 6-10mbu old crop corn against 5.1/wk needed; new crop range also 6-10. Milo sales need to average 1.3 per week · Weekly ethanol grind increases 14 thous barrels to 857 thous, which is also down 5% vs. last year’s 904 total · T-storm Weather: Widely scattered (not widespread) thunderstorms affect parts of central U.S. through Fri. with highest coverage most likely in/near northwest Corn Belt, southeast Corn Belt & between Delta & S Plains
· National Weather Service to release updated U.S. Seasonal Drought Outlook through August at 7:30 AM CST SOYBEANS/WHEAT · NOPA crush for April light at just 120.1—well below the avg. guess of 125.2mbu (range 121.0-128.8) and vs. 137.1 in March & 131.7 in April, 2012. Soyoil stocks: 2.638 bil lbs vs. avg. guess: 2.627 bil (range 2.558-2.680) · Soybean Export Sales: Trade range is 0-4mbu for 12/13 (0.6/wk needed) and 16-20 for 13/14 delivery · SBM sales range is 0-100 for 12/13 (need: 12.9)& 0-80 for 13/14; SBO est at 5-15 K MT for 12/13, 7.9MT need · Wheat Sales: Trade expecting between 0-9mbu old crop (10.4 needed) and 9-13mbu new crop
· T-storm Weather: Driest HRW wheat in southwest Plains likely stays mostly into early next week ENERGY · Energies--lower: CLM13, Dn $.65 at $93.65; QRBM13, Dn $.0110/gal; NGM13, Up .011; HOM13, Up $.0013 · Cash ethanol markets were mixed yesterday. 1-2 declines were indicated for NY, the Tampa/Gulf and Chicago with LA trading ¾ of a cent higher · RBOB’s premium to ethanol gained nearly 3 cents to $.2310 on ideas ethanol output would remain strong · 2012 RINS were $.78-$.79, up 2; 2013’s traded $.80-$.84, up 1-5 cents |
