Fccoop

MARKET COMMENTARY

AM Comments 05/01/14

Thursday, May 1, 2014, 8:05 AM
Submitted by: Dustin Weiner


Good morning!

 

When the markets paused at 7:45am both corn and soybeans were trading lower.  Corn traded both sides overnight and was bouncing a little higher this morning on a friendly export sales report that showed corn sales made last week above the high end of trade guesses.  Soybeans weren’t so lucky as sales were net negative – although within the range of guesses (aka not surprising). 

 

Weather… a warmer drier pattern will bring almost 1 week of continuous dry weather into the southern and central corn belt (read: south of I-80).  However another system is projected to move in next weekend bring rain once again.  While the dry weather could be a reason to why the corn market was weaker last night – overall the 6-10 day forecast looks wetter than it did yesterday (reflecting next weekend’s rain), meaning this corn market could trade both sides today without much resistance.

 

Opening Calls

Corn 1 to 3 cents lower

Soybeans 8 to 12 cents lower

 

Have a great day!

 

@fccoopgrain

 

 

7-Day Precip Forecast:

 

6-10 Precip Outlook:

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