April 27, 2015
A train load of corn was shipped to California dairy farmers from Iowa and to North Carolina hog farms from Illinois, grain dealers said on Monday.
Grain movement 4/20: Rain halts Midwest planting, crop sales slow
Neither deal was particularly unusual, but did highlight a week of relatively light activity as farmer grain sales have been slow as focus remained on fieldwork.
In the river markets, corn and soybeans were loaded on barges for gulf export points but that business was largely fulfilling commitments made months ago. Water levels have dropped on the Mississippi and Ohio Rivers allowing barge loadings, dealers said.
On the Ohio River, barge market for corn are becoming competitive with local ethanol plants, which may soon prompt some higher bids, said a southern Indiana dealer.
While some soybeans were doing downriver from export, many dealers said local processors still offer the best market for soybeans.
Even though farmers have been rained out of fields since Saturday, they are still not selling corn and soybeans as they remained focused on fieldwork. Low market prices, with corn well under $4 a bushel and soybeans under $10, have farmers content to keep remaining supplies in the bin.
While old-crop corn and soybean sales have been light, dealers said new-crop sales have been even lighter.
Grain movement 4/13: Focus on fieldwork slows corn, soybean sales
"Last week there was some panic selling when the market was doing down," said a dealer in central Iowa. But that business was all old crop corn and soybeans, no new-crop.
USDA's planting progress on Monday showed corn planting at 19%, up from 9% a week ago. The five-year average is 25%. The season's first soybean planting showed 2% done, compared with 3% a year ago and the 4% average.
The latest weekly export inspections on Monday morning put soybeans at 11.5 million bushels, double the previous week's shipments and more than trade forecasts. Corn's 51 million bushels were up from the previous week and topped trade forecasts, while wheat's 20 million bushels were down from the previous week but better than trade forecasts.
See export destinations on next page >>
Corn export destinations –Week ended April 23, Tonnes
Soybean export destinations – Week ended April 23, Tonnes
Wheat export destinations – Week ended April 23, Tonnes
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