COMMENTARY 4/24/17

We missed the weekend forecast.  Next good chance of rain is Wed – Sun with 1-2″ of accum possible for the W Corn Belt, moving to the E.

 St Louis river level STEADY~ at 21.0′ and forecast 21.6 by 4/27.  (Action Stage is 28.0′) (Minor flood stage is 30.0′)

CORN

UP 2

Technical buying. Funds bought 8,000 contracts today. Export Inspections were supportive at 57.2 mill bu vs expectations of 39 -51 mill bu.   Lots of planting this weekend in Central IL. The crop progress reported 17% planted, an 11% increase from last week & only 1% shy of the 5 yr avg.

 

BEANS

UP 10

Lack of SA farmer bean movement, lack of US movement, and a very weak US $. Planting progress is 6% vs 3% average.

 

WHEAT

DOWN 2

Weaker to start the week.