National Grain Summary - Week ending Apr. 7th
Wednesday, April 12, 2017 8:20 AM
Compared to last week, wheat was mixed with corn and sorghum mostly higher and soybeans mostly lower. U.S. corn supplies continue to see export demand, although due to lack of buying interest the charts for corn look to be breaking down. Thursday’s weekly export shipment report also presented continual strength of demand for U.S. soybeans. However, the weekly charts for soybeans are indicating that soybean contracts are at or below technical support. Demand for U.S. wheat has held firm for yet another week, although, as shown by the Chicago forward curve wheat fundamentals remain bearish. Weekly export sales for wheat came in at 24.1 mb (655,400 mt) with 20.9 mb (568,400 mt) for the 2016-2017 marketing year. Export sales for corn were bullish coming in at 46.2 mb (1,172,700 mt) with 44.8 mb (1,138,100) for the 2016-2017 marketing year. Soybeans were also bullish showing a total of 32.2 mb (877,700 mt) with 17.7 mb (482,000 mt) for the 2016-2017 marketing year. Weekly export sales for grain sorghum were bearish showing a total of 5.1 mb (130,200 mt) for the 2016-2017 marketing year. Wheat was mostly 16 cents lower to 3 cents higher. Yellow corn was mostly 1/4-7 cents higher. Sorghum was 5-6 cents higher. Soybeans were 16-23 cents lower.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO