Afternoon Comments 5/5/2014
Monday, May 5, 2014, 4:05 PM
Submitted by: Joel Pudenz
The corn and bean markets started the day mixed with corn performing well into the close. Supporting the rally was spillover from the wheat market, unrest in the Ukraine (no exports hindered up to this point), strong export inspections (48.8 mln vs. 33.3 mln needed on avg.), and general weakness in the dollar. Planting progress was released this afternoon with corn estimated to be 29% planted nationally and 23% planted in Iowa (50% on average). With the 3 day forecast looking relatively favorable, we will see significant planting progress made by this time next week. This Friday, the USDA will release the monthly WASDE report which will contain the first estimates of '14-'15 crop demand.
Soybeans were mixed today with nearby beans down 7 cents and new crop up 5 cents. More chatter of Brazilian bean imports pressured old crop prices. Additional pressure also came from weaker-than-expected export inspections. Planting progress for soybeans was 8% nationally (up 5% from last week), and 1% for Iowa (8% on average).
Have a great afternoon!