Market Update/Weather Update

November 17, 2014 Leave a comment


MARKET UPDATE  

 

As of 8:44am 11/17/14

Corn -5 ¼ @ 3.76 ½

Beans -4 ½ @ 10.18

        

  • soybeans started off hot last night but couldn’t sustain the momentum; last week’s mid-week highs continue to fall further in the rearview mirror. The trade is looking ahead to NOPA crush today, but record numbers are needed there as well as in exports to meet new demand estimates.
  • Private analysts Informa yesterday pegged 2015 corn planted acreage at 88.3 million acres, up 560k from October but still below 90.9 mln in 2014; soybean plantings were seen at the same number—88.3 million—down 190k from last month but still well above this year’s 84.2 mln ac best. Informa estimated winter wheat seedings at 42.2 mln ac, up 455k from last month but still just over 150k below last season. All wheat acreage for 2015 at 56.8 mln ac is up 400k from October and now just marginally behind the 2014 figure.
  • Friday’s Disaggregated CFTC Report showed managed money funds adding over 25k net corn on the week ending last Tuesday (11/11), over 8k longer than what daily trade estimates had indicated; soybeans added 17k net on the week but that was 5k short of where daily numbers had the position pegged. Producers and merchants cut nearly 24k net corn on the week and 19k beans.
  • Today’s October NOPA soybean crush is expected to come in at 150.8 million bushels, up from just under 100 mbu in September but still below 157.1 mbu last October. Trade estimates range from 127.5-161 million bushels.

 

WEATHER UPDATE          

  • The weekend brought widespread snows across the heart of the corn belt, with heavy rains mostly south of the OH River Valley; precipitation will remain confined to the Great Lakes and OH River Valley southward over the next week before stronger precipitation arrives for the 6-10 day period, which looks fairly wet across  the southern Plains and Midwest at this point. Temperatures are very slowly progressing back towards normal for the extended forecasts.
  • Rains fell in central/northern Brazil over the weekend, continuing in the north and northeast over the next 48 hours, and building back into the heart of the region again later in the week. The 6-10 day remains wet for the center-north

 

Greg Mockenhaupt

ProEdge Risk Management Consultant

P: (402) 685-5613 | C: (402) 380-9855 | Greg.Mockenhaupt@cvacoop.com

1007 County Road O

Oakland, NE 68045

www.cvacoop.com

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