Wake Up Call Allendale Advisory Center: Paul Georgy with the early morning commentary for April 29, 2016. Coming to you from Springfield MO again today. We had a great visit with the branch offices yesterday.
Grain markets are mixed as overnight traders mull the volatile last couple weeks of trade. Outside markets have crude oil slightly lower.
The weaker US Dollar continues to drive money flow into the commodity markets as seen yesterday in the grains. The large range volatility we have seen during recent sessions is causing large moves in intra commodity spreads. Look for the choppiness to continue. As we end the week and month, expect more positioning as large players close month-end books.
Today is first notice day in May grain contracts. Deliveries of wheat, corn and soybeans against Chicago Board of Trade futures should be light on the first notice day today for CBOT May grain contracts. For corn and soybeans, trade is estimating zero to 300 contracts. Traders also estimated wheat deliveries at zero to 300 lots. Soymeal delivery estimates ranged mostly from zero to 200 contracts and soyoil forecasts from 500 to 1,700 contracts.