AM Comments 04/24/14
Thursday, April 24, 2014, 8:04 AM
Submitted by: Dustin Weiner
The weekly export sales report was out this morning and it was pretty much as expected. Corn sales were decent – right in the middle of the range of guesses. Soybeans sales were near zero (but still a touch positive) which is actually right in the middle of the range of guesses. New crop soybean sales were a little disappointing, which could cause new crop prices to lose a little ground to old crop today. Old crop soybean meal sales were big, which will offer support to beans. Overall – not much to see here.
Generally speaking corn and wheat are both trading weather, and they both view the weather forecasts as friendly. Wheat is rallying thanks to dry weather in the plains while corn is rallying thanks to wet weather in the corn belt. Long term, this moisture we have been getting will likely be viewed as bearish to corn prices (we need the rain) – but not until we know the crop is in the ground.
Corn 1 to 3 cents higher
Soybeans 3 to 6 cents higher
Have a great day!