5/1/14 Good afternoon, Corn was under the gun all day, we saw an estimated 10,000 contracts sold as favorable weather forecast and a weakening gulf cash markets were the main drivers behind the decline. An extremely weak wheat and soy complex also contributed to the decline today. Weekly export sales for corn were on the high side of expected guesses at 36.9 mln. bu. This brings the yearly total to 1.734 bln. bu. for this crop year. Sales need to average only 2.8 mln. bu. /week to reach the USDA goal of 1.750 bln. bu. A combination of some poor economic news that has been reported for a while in China and additional soybean cargoes out of S. America heading to the U.S. drove futures lower. Commodities in general were weaker today. Some analysts expecting soybean imports into the U.S. to approach 60 mln. bu. or more just in the near term. USDA estimate is 65 mln. bu. for the year. Funds were sellers of up to 8000 contracts of soybeans and 3000 each of oil and meal. Weekly export sales were a negative 600,000 bu. and the yearly total remains at 1.639 bln. bu. New crop sales were only 78,900 tons. Argentina values were weaker as their soybean harvest approaching 57% complete with yields running slightly better than expected. Adam Bauer
Posted on: Thu, 01 May 2014 20:56:17 +0000
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