Afternoon Comments 4/30/14
Wednesday, April 30, 2014, 3:04 PM
Submitted by: Joel Pudenz
Both corn and soybean markets felt pressure today as corn closed a penny lower on potential of improved/friendly weather this weekend into next week (Iowa appears to stay cool & wet in the short term). Corn consumption for ethanol was weaker than expected which added a bit of bearish sentiment; it also appears China is not any closer to accepting MIR 162 corn and is requesting that U.S. corn & DDG’s be certified free of MIR 162. Export sales are due tomorrow with the trade expecting a combined 25.5 – 31.5 million bu. of old crop & new crop sales.
The soybean market was quiet today as it traded mixed to lower. News of more Brazilian beans headed for U.S. ports put some pressure on prices as the market digests weak ending stocks estimates. The trade expects export sales to be 1.8 – 4.5 million bu. for old crop (still net positive).
Have a great afternoon!