Today's Export Sales Report could stimulate some price movement if we see better than expected demand for soybeans. Corn and wheat fundamentals are strong enough to maintain support as we wait for trade decisions and USDA reports next week
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Back to ReportsWheat led prices higher recently and could once again be the stimulus to drive feed grains upward as a drier bias is expected to return to areas that have seen moisture this week
Early morning look at the prices shows soybeans and wheat drifting lower as winter wheat weather improves in the U.S. and South America sees near ideal conditions in many places. Corn trying to hold on to the positive momentum brought about by strong ethanol numbers yesterday
Thank goodness for continued strong exports and ethanol production. With not much in the way of weather issues to speak of and trade fears weighing on the market, how bad would things look if export data was poor each week. There's a reason that it is strong and will continue
Still targeting sales at or above $100 in June once the market gets over tariff concerns. April hogs dropped $2.02½ to $85.57½ while June hogs dipped 85 cents to settle out at $96.50
Most heavily traded grain contracts at settlement...
Little changed so we drift along. Corn was at least aided by strong ethanol numbers today...
May CORN: up 3¼ cents to $4.62
May SOYBEANS: down 4½ cents to $10.08¼
May WHEAT: down 1½ cents to $5.63½
at midday we see prices mixed with corn up on good ethanol demand while soybeans and wheat are down a few cents
Ethanol production came in above expectations at 325 million gallons, up 4.1% from last week and up 5.6% from last year. 111 million bushels of corn were used. Stocks came in below expectations at 26.6 million barrels. Another supportive report for corn demand
