PM Comments 5/13/2014
Tuesday, May 13, 2014, 3:05 PM
Submitted by: Joel Pudenz
Turnaround Tuesday held true through the close with corn closing 2 to 3 cents higher and beans settling 18 higher in July and 6 higher in November. Funds were net buyers of beans, meal, and oil today adding support to the soy complex. China sold off some beans from reserves and the auction went well – indicating strong demand for beans (crush margins have improved in China). Other than that, news has been pretty sparse. Our weather outlook remains favorable through the weekend.
Corn closed a few cents higher today as the market chews on our current weather situation. While we are at an average pace for planting, a lot of corn needs to be planted in the northern states. Again, our weather looks favorable – but not overly warm. It will take a few extra days for things to dry out the further north you go.
However, never underestimate the ability of the American Farmer to get a crop in the ground.
Have a great afternoon!