MarketEdge PM Comments

(Sam Bair)

Good afternoon,
The close finished red across the board again this afternoon, for the second day in a row. May corn is down 8^4 trading at 663.75, Dec corn is down 5^4 trading at 557.5. May Soybeans are down 9^0 trading at 1497.5, and Nov beans are down 9^0 trading at 1300.5.

• Although models have lessened the predicted amount, the Plains region and western corn belt are expecting a much-needed rain.
• It is estimated the funds have sold a 8,400 contracts of corn, 6,700 contracts of soybeans, as well as 3,800 contracts of soyoil, and 4,200 contracts of soymeal.
• Brazil has harvested a record soybean crop, 14MMT larger than prior record of 154MMT.
• Brazilian markets are offering soybeans $1.85 lower than that of US Gulf price, a likely proponent on the less than spectacular US bean export numbers.
• The current spread on May to July futures inverse continues to widen.
•  Corn exports were at a 14- week low, China being the biggest buyer, Soybean exports were at a 4-week low.
• China sow numbers were at 43.05mil head, 2mil head over their target number.