Weekly Ag Markets Update - Monday, April 12

Wheat: Wheat markets were higher last week as Wheat became a weather market. The weather remains too dry in the northern Great Plains and in the Canadian Prairies and farmers can’t plant. The chart trends are up on the daily charts and are turning up on the weekly charts. The USDA WASDE reports were neutral for the trade but no one cared much about them due to the weather. USDA cut export and feed demand and raised ending stocks. Demand has been disappointing so far as traders had expected better exports due to problems in Russia and parts of Europe earlier in the year.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Chicago Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Corn: Corn closed higher on what appeared to be speculative buying based on ideas of strong demand. There was talk of a new wave of Chinese buying hitting the US late last week. Oats were a little lower. Chinese demand had been strong until recently and it looks like they need the Corn. Prices inside China for Corn remain extremely high. It is drier in central and parts of northern Brazil, and farmers have finally harvested the Soybeans area and planted the Winter Corn. The Winter Corn crop progress is well behind normal. Argentina is dry again and Corn in Argentina is losing yield to dry conditions and crop stress. Southern Brazil is also dry.USDA released its newest WASDE supply and demand estimates and the reports were called neutral by the trade. Demand was raised on the domestic side and the export side, but could easily have been raised more. Ending stocks were 150 million bushels lower than last month and are trending lower.

Weekly Corn Futures

 Weekly Oats Futures

Soybeans and Soybean Meal:Soybeans and Soybean Meal were lower with a lot of the selling developing on Friday in response to the USDA WASDE report.The report showed unchanged ending stocks estimates for the US and that was expected.However, Brazil Soybeans production was increased and Argentine Soybeans production held steady.The trade had expected some increase in the Brail production after private estimates from Brazil showed higher production.The Argentine estimates were a surprise as the market had expected less production from there.Futures price trends turned mixed in Soybeans and down Soybean Meal.The Brazil harvest had been delayed due to late planting dates early due to dry weather and now too much rain that has caused harvest delays and some quality problems in the north as well.Harvest activities have increased but the harvest remains very slow overall.China has been buying for next year here but now is buying mostly in South America.US internal demand has been strong.

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