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Not much good news to write about today on low volume and currency pressuring the complex (although it has bounced off its highs). The charts for May futures show that all commodities have faded below their 10, 50 and 100 day simple moving averages. Weather depending, volume likely stays below average in the coming weeks as the US producer gets busy. After that, the focus will shift to supply factors (planting progress and conditions).
Crop beneficial rains fell in the central and western corn belt the last 3 days which has halted planting progress for at least 48 hours but the producer was quite active ahead of the systems that crossed this week. More modest rains due for the Midwest the next 5 days. Brazil is seeing an end to their monsoon season in the North, resulting in North/Central safrinha areas being dry over the next 20 days following recent rains.
The Rosario Grains Exchange said that their Argentine corn production estimate would “likely” be reduced further due to leafhopper damage; they cut output from 57.0 to 50.5 million tonnes last week.
Weekly Ethanol Production dropped sharply this week according to the EIA. The coincidence of multiple plants taking downtime. Commercial crude oil stocks increased 2.7 million barrels to 460.0 million, while ethanol stocks decreased 0.1 million to 26.1 million. Ethanol production, as mentioned was down 73 thousand barrels per day to 983 thousand.
Funds were mixed today with soybeans buyers and wheat and corn sellers.
Did you miss our midday commentary? Starting today, we have switched to sending a shortened midday commentary/prices by text ONLY. (Opening and Closing to remain on email for the time being). We are also looking at using texts to communicate any grain prices/specials that might be being offered as well. This is an effort to try to diversify our reach, and help you get quality grain information in a preferred manner! In doing this trial rollout, we would love any feedback that you might have! If you wish to join our text updates list, please text GRAIN to 519-800-0436. You can opt out at any time.
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