Soybeans were mixed in old crop/new crop spread trade. Weekly export numbers weren’t great, but do reflect the strong demand, and the overall domestic supply does remain very tight. Past that – the trade’s watching South America’s harvest and U.S. pre-planting conditions. Futures markets will be closed for Good Friday, with grain and oilseed trade resuming Sunday evening. Soybean meal was mixed on the adjustment of spreads, and bean oil was higher. According to Agriculture and Agri-Food Canada, canola stocks were unchanged from March at 3.3 million tons.
Corn was lower on fund and technical selling. Traders are watching planting and while there has been more snow, they don’t seem too worried about the delays. Also, forecasts for the coming week generally look better for planting. South Korea bought 125,000 tons of old crop U.S. corn and weekly numbers were good. Ethanol futures were mostly higher. Agriculture and Agri-Food Canada states corn stocks on April 17 were 3 million tons, compared to 3.1 million in March. Strategie Grains projects European Union corn production at 65.1 million tons.
The wheat complex was higher on fund and technical buying. There’s some rain in the forecast for the Southern Plains, but it should be isolated and nowhere near enough to break drought conditions where it does fall. Areas further to the north continue to look cold and not conducive for spring wheat planting. Weekly export numbers were neutral, with a good week for sales and a slow week for shipments. Agriculture and Agri-Food Canada left all wheat ending stocks unchanged at 9.7 million tons. Japan bought 58,300 tons of U.S. food wheat, along with 48,400 tons from Canada and 29,600 tons from Australia. According to Strategie Grains, European Union soft wheat production for 2014/15 should be 137.2 million tons.