AM Comments 05/12/14
Monday, May 12, 2014, 7:05 AM
Submitted by: Dustin Weiner
The markets were quiet last night while weather across the Western Corn Belt was not – heavy storms rolled through overnight, and it is still raining in Iowa as I type this up this morning. After these storms push East, the forecasts look generally dry for the next 7 days, which will be help get producers back in the fields.
There really wasn’t a whole lot of news out over the weekend -- other than stories out of Ukraine (yes, it is still tense over there). The markets don’t seem too concerned about that today, as global equities are higher – but at some point the EU and the US could come up with some new, additional economic sanctions. As far as the grain trade is concerned, to-date there have still been no disruptions in regards to corn/wheat trade flows out of that area.
Overall for today look for prices to generally drift lower – weather is still the #1 input into the markets and even though there were some heavy (too-heavy?) rains that hit parts of IA overnight – moisture is viewed as good for crops and bad for prices (today)... Rain makes grain!
Corn down 2 to 4 cents
Soybeans steady to down 2 cents
Have a great day!