TID BITS

[Hobbyfarmer]

2014 Spring Planting

With Recent cool and wet weather, how is your planting progressing;

Percentages 41% 44% 6% 9% (1) (2) (3) (4)

Vote Legend 1) On par with intentions 13 2) Behind intentions, but will keep same acres 14 3) Behind intentions, will switch intended commodity acres 2 4) Does not apply to me 3 Total Votes: 32

Results current as of: 02-May-14 07:07 AM

[Hobbyfarmer]

--------------------------------------------------------------    

MARKET COMMENTARY April 30, 2014

Raymond Jenkins

Corn closed 12 cents lower on the July contract and beans closed over 51 cents lower on the July contract and wheat closed over 14 cents lower on July contract.  Most of this can be attributed to a dryer forecast with more planting friendly weather next week.

July beans went below the 20 day average on the July contract and proceeded to close another 30 cent lower on the day.  Export sales where weaker today and Brazilian beans were starting to work their way into the US financially.  Beans were the main catalyst today as the other commodities followed suit lower.

** REPEATING **

The smaller carryout currently being projected by the large increase in corn exports has changed the market dynamic for corn. When the carryout is projected at 1.85+ billion bushels, there is room for late planting and slightly sub-par crop conditions. As the number shrinks toward 1.3 billion bushels, the “cushion” disappears, and we can expect bigger moves in reaction to weather and other factors.

[Hobbyfarmer]

Corn Weekly Export Sales:

Corn export sales were a very good number, 938,000 tons.

The largest number in 4 weeks and we are now approaching USDA’s export forecast for the entire year, we only need about 21,000 tons per week for the rest of the year.

Keep in mind that this week was 938,000 tons. But one thing to be just a little bit cautious about is the fact that the US still has a record amount of open corn sales or outstanding sales on the books.

The US has 17 million metric tons of sales that are still on the books. That could indicate that there could be a record amount of corn still on the books at the end of the crop year that needs to be rolled over to the next year. That is something that the market place will be monitoring very closely over the next few weeks and even the next few months

[Hobbyfarmer]

[Hobbyfarmer]

Centurylink center in Omaha this morning was filled to overflowing.

I wiggled on the picture, sorry.

The arena was full, Ballroom A and B were full and the convention center was full ALL at the same time. Hallways full around every closed circuit TV.

One heck of a job marketing.  20 people from South Africa set right behind us in the next row. More than 11,000 more passes issued this year than last.

What an adventure. Lines for blocks from each entrance by 6:30 in the morning.

Warren Buffet, Charlie Monger, Bill Gates and hundreds, probably thousands of millionaires all in one spot, all in Omaha, Ne for the #1 shareholder meeting in the world.

Berkshire Hathaway annual shareholders meeting. Lots to see and learn.

Charlie and Warren were in fine form.