National Grain Market Review - Week ending Apr. 14th
Wednesday, April 19, 2017 7:44 AM
Compared to last week, grain and soybean bids were mostly higher. South America is expecting record corn and soybean production in early 2017. The U.S. soybean prices have found short-term support from commercials after Tuesday’s WASDE report. Remaining among the highest in 30 years is the U.S. ending stocks-to-use ratio for wheat. Winter wheats crop ratings this year are lower than a year ago in the southwestern Plains and are helping wheat prices hold above their March low. On Wednesday palm oil futures fell to a new five month low. Weekly export sales for wheat came in at 20.1 mb (546,900 mt) with 15.5 mb (421,600 mt) for the 2016-2017 marketing year. Export sales for corn came in at 31.0 mb (788,000 mt) with 29.1 mb (738,000) for the 2016-2017 marketing year. Soybeans were bullish showing a total of 19.4 mb (527,000 mt) with 14.8 mb (402,300 mt) for the 2016-2017 marketing year. Weekly export sales for grain sorghum were bearish showing a total of 3.0 mb (75,000 mt) for the 2016-2017 marketing year. Wheat was steady to mostly 9 cents higher. Yellow corn was mostly 7 to 15 cents higher. Sorghum was 18 to 19 cents higher. Soybeans were 14 to 19 cents higher.
SOURCE: USDA-MO Dept of Ag Market News Service, St Joseph, MO