AM Comments 05/09/14
Friday, May 9, 2014, 8:05 AM
Submitted by: Dustin Weiner
We have mixed markets this morning as the trade patiently waits for the 11:00am USDA monthly S&D report. Generally speaking there isn’t much else to talk about prior to that. This report will be the first look at ending stocks for next summer. When we are this far out (those crops are still being planted) that portion of the report should be taken lightly, although it will be traded. The market is looking for very little change to old crop carryouts in corn and soybeans – maybe slight decreases are expected. Forecasts for both commodities are at the bottom of these comments.
Before the rains last night (which looked a little lighter than expected, map below) planting progress is assumed to have made big strides – the U.S. could actually be close to its average by Monday’s planting progress report. The Northern Plains (the Dakotas) have remained cool and wet throughout all of this and eventually this story will bubble to the surface in the form of “are there acres switching???”.
Corn steady to down 2 cents
Soybeans mixed, 2c lower to 2c higher
Have a great day!