AM Comments 04/29/14
Tuesday, April 29, 2014, 8:04 AM
Submitted by: Dustin Weiner
The markets are slightly higher this morning, with corn firming once again on the cooler/wetter weather forecasts. The weekly planting progress report that was released yesterday also helped support corn – the market was expecting 20-25% planted on corn and the USDA says c corn in 19% planted vs. 28% average. IA, IN and OH are all 18 points behind their respective 5-year averages. The average for next Monday’s report? 47%.
Other than that, pretty quiet. The soybean market seems to ebb and flow right along with Chinese crush margins (which are improving a bit as meal demand perks up). If China is truly starting to turn their margins around, it could be tougher for the US to nab some of those Brazilian ships of beans that not long ago had nowhere to go.
Corn 3 to 4 cents higher
Soybeans steady to 2 cents higher
Have a great day!