Post Market Wrap Up April 11
April 11, 2018

Post Market Wrap Up April 16

Headlines:

  • NOPA crush at record levels for March, crushing 171.858 million bushels. Soybean Oil stocks were reported at 1.946 billion pounds, the largest since June 2016. Soymeal exports were at 878,582 tons, which was above last month.
  • Energy markets are mostly lower with the crude oil market over a dollar weaker.
  • The US Dollar was weaker. The CD Dollar and Gold were stronger. The Dow, S&P, NASDAQ and Nikkei traded higher.
  • May options expire after the close on Friday, April 20th. First notice day for May futures is April 30th with all long positions being reported after the close on the 29th.

 

Summary:

Corn traded lower today stemming from weakness from Wheat and Soybean futures. The cold blast from the weekend helped to stave off further damage to the price action. Corn plantings are expected to keep paces with the 5-year average when released and weekly export inspections were reported at 1.505 million metric tons versus 1.940 million metric tons last week. Despite its positive open, Soybeans were not able to hold any gains on the day finishing with double digit losses. Recent talk among producers about increasing Bean plantings and the strength in the Brazilian harvest progress stripped Beans of any potential gains on the day. Weekly export inspections were reported at 445,000 metric tons versus 381,000 metric tons last week. News of beneficial moisture moving across the Southern Plains for the next 7-10 days according to weather forecasts was far too much of a load for Wheat futures to bear. Russian wheat plantings are behind last year but are expected to catch up soon. Weekly export inspections were reported at 483,000 metric tons versus 431,000 metric tons last week.