Weekly Market Wrap-Up

The big news this week was the release of updated supply and demand tables from the USDA on Tuesday.  This report included crop production numbers.  The U.S. ending stocks for corn were reported at 2.03 billion bushels, which was a 200 million bushel increase from the March report.  Soybean carry-out was reduced by 5 million bushels.  The world ending stocks were equally robust with corn coming in at 314 million metric tons, and soybeans at 107.4 million metric tons, which were both an increase from the March report.

As the trade processes the USDA report, they will turn attention back to weather, planting progress, and Chinese trade details.  This is expected to be the market driver over the next couple of weeks, but overall the trade this week was quiet and still seems to be holding on to a record short position ahead of the bulk of U.S. planting.

Soybeans

May bean futures opened the week at 9.23 and finished the week at 8.95 - down eight cents overall. (see chart)

Corn

May Corn opened the week at 3.62 and finished at 3.61 - down one cent overall, in a sideways trade topping out at 3.63. (see chart) 

Wheat

May Wheat futures opened the week at 4.67 and finished the week at 4.64 - down three cents in a mostly sideways trade. (see chart)

Monday crop progress numbers were released and the standout was the good to excellent rating of red wheat at 60%.  In addition to this, the USDA report showed wheat stocks over one billion bushels and this pressured futures as well.