AM Comments 05/07/14
Wednesday, May 7, 2014, 8:05 AM
Submitted by: Dustin Weiner
The markets are slightly weaker this morning – corn was able to trade steady/mixed early on last night while soybeans (esp. old crop) spent most of the night in the red. The weather forecasts generally aren’t offering much for the bulls to go on – yes, there is a system coming through starting tomorrow but generally speaking the corn belt will get a 3-4 day break from precip which should allow planting to progress before another rain comes. Also – these rains are welcomed with open arms for those with all/most of their corn in the ground.
Planting in the corn belt this week has been progressing quickly to say the least. Depending on how heavy the storms are tomorrow – we could easily see corn planting progress on Monday afternoon’s report somewhere between 50% and 60% complete (maybe even higher?). The market has learned over time not to underestimate the ability of the American Farmer to get his crop in the ground…
Corn 2 to 3 cents lower
Soybeans 3 to 6 cents lower
Have a great day!