Afternoon Comments 5/2/2014
Friday, May 2, 2014, 3:05 PM
Submitted by: Joel Pudenz
The corn market struggled today continuing with yesterday's general liquidation, July closing 7 cents lower and December closing a nickel lower (losing 13 cents on the week). Weakness also came from a strong expectation for Monday's planting progress report (>30% expected). Next week's trade will focus first on the planting progress report Monday and then shift to weather. Weather forecasts are mixed for next week with some predicting more moisture (for Wednesday) and others calling for much needed sunshine. With the sun shining in Central Iowa for the first time in nearly a week and friendly weekend weather on the way, planting conditions will hopefully improve enough to starting turning wheels on Monday or Tuesday.
Soybeans were mixed at the close as old crop takes a breather after strong liquidation yesterday. July beans closed 10 cents higher, losing 17 cents on the week. November beans closed 3 cents lower. We are seeing imported beans show up from Brazil. The trade expects around 75 mln. bu. of bean imports this year; the question is if we will receive them in a timely manner.
Have a great weekend!