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This market commentary is for informational purposes only. The views and opinions offered in the report are solely those of Bunge Limited and its subsidiaries ("Bunge"). Bunge is not a futures broker and this is not an offer to buy or sell any commodity or futures contract. The information contained in this commentary has been obtained from sources believed to be reliable but is not necessarily all-inclusive and is not guaranteed as to its accuracy. Persons acting on any information contained in this commentary are responsible for their own actions.
Corn finished 1.75 lower, beans up 5.75, and Chicago wheat down 6.25. Corn spreads firmed slightly, with the May/July and the July/Dec up 0.25. The nearby spread for beans was unchanged, and the July/Nov continues to be pressured, now sitting at a 5.75 cent inverse. Nearby Chicago wheat spread is up 0.25 and the July/Dec is down 0.5. Board crush is slightly up across the curve.
There continues to be the same uncertainties in the market without a whole lot of new information to be digested. Weather in the corn belt seems to be warming slightly which should allow the farmer to start making some planting progress. Preparing for planting and having the market continue to weaken has slowed down farmer selling to the point where we are seeing basis in the interior start to firm slightly on the nearby. Barge freight continues to grow weaker, and CIF is following suit. There will continue to be a lot of uncertainty and risk premium built into the market as we move closer to the May and June USDA reports that hopefully will answer questions that the market has. Within that same timeline we should have a better gauge on Brazil's Safrinha crop. Until then, the US should continue to be able one of the cheapest supply of export corn for the market.