AM Comments 04/28/14
Monday, April 28, 2014, 7:04 AM
Submitted by: Dustin Weiner
The soybean market found support last night and bounced sharply higher – pushing May & July futures prices back up above $15. I almost don’t want to type this, but the rumor is that on the recent pull-back in soybean prices China started nosing around trying to buy additional Brazilian beans (the story last week was that they could cancel out of those purchases fast enough). So who knows, overall though with a bean carryout that is this tight – we will see more than our fair share of volatility.
The corn market is also a touch higher so far this morning – while the rain that fell over the weekend is beneficial to some, it is currently being viewed as a threat to planting progress. The weekly planting progress report will be out later this afternoon with the market expecting us to be slightly behind “normal”. The cool wet weather this week won’t help us catch up, and the extreme cold weather in some of the northern wheat country will not be much help to that crop’s condition ratings.
The outside markets are higher with Crude Oil higher at this time (UP 40 @ 101.00) along with a lower US Dollar (138.57 vs. Euro) and the US stock market is higher (UP 60).
Corn 2 to 4 cents higher
Soybeans 10 to 15 cents higher
Have a great day!