AM Comments 05/05/14
Monday, May 5, 2014, 7:05 AM
Submitted by: Dustin Weiner
The markets were higher overnight – led by wheat. There were some hot temps in wheat country (KS, OK, TX) over the weekend. It got up to 102 degrees in Wichita, from what I read this is not only a record high for that day in history – but for the whole month of May! Not good for what is an already stressed wheat crop.
The Ukraine situation is also helping wheat (and corn) trade higher. As you may or may not know – in general the issues over there have had little effect on actual grain exports. The action has taken place in a different part of the country. Well… now we are reading that armed Russian-speaking separatists have moved into the city of Odessa (an important export hub) but haven’t taken over the port (yet?). The export program is winding down over there (it’s that time of year) but this is still something to watch and if they lose that port – grain prices could see a spike.
Those two stories seem to be the main topics today, along with (of course) weather. There are increasing chances of rain in the 7-day forecasts, with a system coming through Thursday, followed by another small one this weekend. Of course, these come after a few days of warm/dry weather which could/should get a large portion of the corn belt back in the fields.
Corn 2 to 4 cents higher
Soybeans 1 to 3 cents higher
Have a great day!