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April 4 PM Grains Commentary: Kyle Schrad

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[Kyle Schrad] Good afternoon. Today in the grain markets, it was a relatively slow session. This were pretty quiet. Not a lot of fresh news happening. The 2 big things that were influencing the market today were definitely spreads where we saw a lot of liquidation in terms of the new crop versus old crop soybeans. Throughout the week, with the USDA report coming out on Monday, we've seen old cop beans run very sharply versus new crop as the acreage number for new crop beans is very strong. And today we saw a lot of liquidation on that with old crop actually closing a little bit lower while new crop prices were slightly higher. Looking at the wheat market, prices closed a little bit weaker. The weekend weather looks like we're going to see some nice range for the wheat belt and hopefully for the southwestern wheat belt as well, but that wet forecast actually doesn't look so good for the midwest in terms of getting the corn crop in the ground. So while we were lower most of the day, we actually rallied into the close and saw prices close a little bit higher on the corn side of things. Heading into next week, I think we'll keep a very close eye on the weather forecast. We'll see what happens with those over the weekend. Monday afternoon we get the initial crop progress report. It'll be interesting to see where the wheat ratings come out and what we've seen in terms of planting progress. Then as the week progresses, we have the USDA report coming out on Wednesday as well, so that'll be the big factors heading into next week. This is Kyle Schrad with FC Stone from the CME Group trading floor. [disclaimer]

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Duration: 1 minute and 28 seconds
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Language: English
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Views: 51
Posted by: cmegroup on Apr 4, 2014

April 4 PM Grains Commentary: Kyle Schrad

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