Market Thoughts by Marc

Keep Up with the Markets

April 25, 2017

May corn 365 + 5 ½            May soybeans 954 ½ - 6 ¾      May Mpls wheat 533 ¾ +12 ¼               
July corn 371 ¾ + 6 ¼          July Soybeans 965 - 6 ¾           July Mpls wheat 544 ½  +13      
Dec 17 corn 389 + 5 ½        Nov17   Soybeans 961 ½ - 5 ¾      Sept 17 Mpls wheat 551 ¾ +13

As one producer put it “today I understand what the markets did”. The corn market does not want to lose acres to beans - it should go up. If corn planting is delayed, producers will plant more beans, it should go down. Mpls wheat planting is behind, it should go up. Chicago wheat made a new contract low and “ran the stops”, so without any new buyers, I’m guessing the funds became buyers and covered some shorts. Hummmm- Ka-Ching. Everybody gets a guess. 

The nearby weather pattern looks ugly as far as planting in the Midwest. Cool temperatures and rain showers are forecasted over much of the corn belt for the next 10-days. Hummm – this will change on a daily basis just like the market.

May contracts go into delivery on Friday. With all the available grain stocks, there will probably be deliveries. So be out of your long May futures positions on Thursday, unless you want to own some grain in Chicago. Hummm – that can get expensive.