At 115pm…crude oil was $2.70 lower, DJIA was 96 points lower, gold was down $20.00 and silver was 51 cents weaker…many countries are on the May Day holiday today..China economy slowing down?
Corn===spent most of the day lower with CZ feeling the most pressure
===weather and planting delays take center stage but was mostly ignored today, May 1
===Corn planters run in various part of the country, but a precip event moving across in a line from Duluth MN to Denver, CO, slows fieldwork
===weekly ethanol production was up last week at a marketing year high of 857k barrels/day..this equates to an annual grind of 4.793bb…USDA is at 4.550bb
===CIF was a nickel weaker for the spot time slot. Firmer in the deferreds....Chicago unload was firm…most processors were mainly steady/better..river bids were steady/firm
===The N/U firmed 3 ¾ cents today to a 73 ½ inverse…N/u had a trading range of 75 to 67 ¼ vs yesterday’s range of 75 to 65
===N/Z settled at a 95 ¾ inverse
===farmer selling was light but movement was definitely seen. Scattered old crop and new crop
===CZ held onto $5.50 on the close but well off yesterday’s high of $5.70…the 4/24 low(last Tuesday) was $5.17
===CZ14 even seeing some farmer interest
===market becoming OK with a few less acres?
===total export sales(old crop and new crop) estimates for tomorrow 800tmt to 1.0mmt
Beans===talk of China cancellations helped to pressure the nearby contracts
===CIF was soft again today
===total old and new crop export sales estimates for tomorrow is 300-500tmt., meal 150-250 and soyoil 0-15…will there be net cancellations?
===Brazil harvest is nearly complete, Argy is almost 60% done
===front end Brazil basis is a 40-50 cent discount to June as logistics are still not running smoothly
===river basis seems to be slightly better, many crushers were firm
===some meal basis saw a weaker tone
===market acts like we may be gaining some beans acres
==SX flirts with the $12.00 mark again with the recetn low at $11.86 ½ offering support
Wheat===crop tours lead the headlines as the HRW gets into parts of KS where drought has had a negative effect
===but not all KS has a major [
==also hearing reports out of OK that some are guessing a state yield of 25-26bpa,
===MGex, KC K/N are inverted, CME is a carry…all are a carry N thru summer 2014
Christopher Steinhoff
Market Analyst
800-328-6530
651-355-6558
651-355-3723 fax
Market Analyst
800-328-6530
651-355-6558
651-355-3723 fax
CHS Hedging, Inc.
The Right Decisions for the Right Reasons
The Right Decisions for the Right Reasons
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