Afternoon Comments 5/12/2014
Monday, May 12, 2014, 4:05 PM
Submitted by: Joel Pudenz
Corn and soybean futures sank under pressure today from fund selling and friendly forecasts as the market sees a week of favorable weather ahead. Even with strong corn export inspections this morning, the market drifted 6 to 8 cents lower. As expected, significant planting progress was made in the last 7 days. Iowa is now 70% planted vs. 23% last week (70% on average). The national progress was within market estimates at 59%. This may be a tad bearish as it was on the stronger side of projections.
Soybeans traded 15 to 20 cents lower on fund liquidation and more news of strong bean imports. Export inspections were within estimates (8.8 mln. bu.); we need to average 4.3 mln. bu. per week to meet USDA projections. Planting progress for soybeans this week was 20% vs. 1% last week and 25% on average. The trade was expecting 15-20%. Nationally, 20% of the beans are planted vs. 21% on average. We will continue to see the market trade our weather situation, specifically eyeing the next 7 days.
Have a great evening!