- As of 7:04 am CT: US dollar index down .153 at 79.655, overseas markets mixed/lower, crude oil down $1.28 at $100.00, ULSD down 2 cents, gasoline down 1 ¾ cents, and natural gas down 2 ¼ cents.
- Chances of showers stay in the forecast for the Midwest through Friday with temps staying below normal.The southwestern Plains continue dry.
- Markets have backed off overnight as weather effects may be built into prices for the time being.Nothing new from Ukraine.
- The Federal Reserve is expected to lower their bond purchasing program by another $10 billion per month as their meeting concludes today.No interest rate changes are anticipated.
- Effective May 1st, the new daily trading limit in corn will be 35 cents, $1.00 in beans, 45 cents for CBOT wheat, 50 cents for KC wheat, 3 cents in bean oil and $30 in bean meal.Limits will be recalculated in six months.
- Corn is off to a weaker start after yesterday’s planting delayed induced rally to a three week high.First support in the July contract is $5.08, resistance $5.24 ¼.
- Bulls need to be fed daily and corn is due for a breather, it has closed higher in five of the last six sessions.
- There were no corn deliveries against the May contract.
- The CK/CN is 5 ¼ - 5 ¾ carry, continuing to be rangebound from 5 – 6 ¼ cents.
- Beans began the evening session on the plus side, but faded after midnight and have traded within yesterday’s range.The uptrend remains intact but prices are approaching overbought conditions and could be due for a correction lower.
- There were no bean deliveries against the May.The estimate was zero to 250 contracts.
- Meal deliveries were zero versus estimates for zero to 20 contracts.
- Oil deliveries were 2,596 versus estimates for 350-2,500 contracts.Last date April 23.
- The SK/SN inverse is widening, trading out to 8 ¼ -11 cents overnight.
- The results from the first day of the annual HRW wheat tour projected an average yield in northern Kansas at 34.7 BPA versus last year’s tour estimate of 43.8 BPA for the same area.The 5-year average for this area is also 43.8 BPA.This is the worst yield since 2001.271 field samples were taken from an area from Colby to Manhattan, KS.The tour moves into the south and west today and is expected to see worse yields.
- The director of the Colorado Assn. of Wheat Growers put their wheat yield at 32.0 BPA and the director in Nebraska pegged their yield from 40 to 45 BPA (avg. is 41.1 BPA).
- Deliveries:144 CBOT contracts, last date April 8. Estimates for SRW delivery were zero-400 contracts.There were no HRW deliveries, estimates were for zero to 100 contracts. Minneapolis deliveries were 453 contracts, last date April 22.