The Fed is expected to again raise interest rates at this week’s FOMC meeting. But the second largest bank failure in US history (First Republic Bank) could cause them to think twice.
Funds are now estimated to be net short 40,000 corn contracts. They are said to have sold 146,000 contracts in total last week in the grain room.
This week should be mostly cool and dry across the Midwest, but widespread rains are forecast to return this weekend.
The USDA may need to lower their US corn export estimate. Commitments are currently still down 33% from last year.
The E15 waiver may be passed to allow for sales of ethanol blended gasoline during the summer months.
China’s PMI data was lower in April than in March – this could indicate a shrinking economy.
Funds are said to have substantially reduced their long positions in soybeans and soybean meal.
The third iteration of the soy / peso exchange rate program in Argentina is said to have resulted in 2 mmt of soybean sold.
So far there have been zero deliveries (for the May contract) of soybeans or soybean meal. However, there have been some soybean oil deliveries.
On this afternoon’s Crop Progress report, winter wheat is expected to show better ratings after the rains last week in the southern Plains.
The EU made a deal with countries in eastern Europe that will allow Ukraine’s exports to continue to pass west through that region, but imports would be banned in 5 countries.
North Dakota could see high temperatures by the middle of the week, which may improve planting conditions for spring wheat.
The deadline for an extension of the Black Sea grain deal is May 18. At this time, it seems unlikely that Russia will renew.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
Futures and options trading involve significant risk of loss and may not be suitable for everyone. Therefore, carefully consider whether such trading is suitable for you in light of your financial condition. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing by Stewart-Peterson and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a futures or options position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Stewart-Peterson Inc. Reproduction of this information without prior written permission is prohibited. Hypothetical performance results have many inherent limitations. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown. The data contained herein is believed to be drawn from reliable sources but cannot be guaranteed. Reproduction and distribution of this information without prior written permission is prohibited. This material has been prepared by a sales or trading employee or agent of Total Farm Marketing and is, or is in the nature of, a solicitation. Any decisions you may make to buy, sell or hold a position on such research are entirely your own and not in any way deemed to be endorsed by or attributed to Total Farm Marketing.
Stewart-Peterson Inc., Stewart-Peterson Group Inc., and SP Risk Services LLC are each part of the family of companies within Total Farm Marketing (TFM). Stewart-Peterson Inc. is a publishing company. Stewart-Peterson Group Inc. is registered with the Commodity Futures Trading Commission (CFTC) as an introducing broker and is a member of National Futures Association. SP Risk Services LLC is an insurance agency. A customer may have relationships with any or all three companies.
