Outlook of agricultural futures market

News list

Price of corn was reduced by the impact of falling soy complex and funds sales that were caused by technical indicators, including the May futures falling below the 50-day weighted average.

It is important how to end the week in relation to that level. Export sales totaled 769,300 tons, a lot, but support from this news just been enough for someone at the beginning of the trading session. Weather conditions remain comfortable in the "corn belt", but unlikely to be any significant changes in the next USDA report, which comes out on 10 May.

Pressure from other agricultural markets, the strengthening dollar and expectations higher gross harvest of wheat in the US compared to the previous year, despite the decrease in acreage depressed the wheat market during yesterday's trading session. Kansas wheat yield is fixed at 48.6 bushels per acre of which 12.5 bushels more than last year, which will gather 100 million bushels more (the highest rate in 13 years).

Strong export sales have allowed prices to rise in the morning, but selling fund about 15 000 contracts of soybeans, forced futures to turn downward. Now the soy complex is very volatile and the approach of next month USDA report only strengthen trading range. Also of note is rather small volumes contracted for the next marketing year, lagging behind at 25% at the same date last year, as exports may be reduced, and therefore stocks increase, which will negative affect the price.