5-14-14 PM Comments
Wednesday, May 14, 2014, 3:05 PM
Submitted by: Jon Setterdahl
Downer day for feedgrains as both corn and wheat were sharply lower due to good weather forecasts for next week. Weekly ethanol report showed a slight uptick in corn demand, but that was of no help to prices today. Soybeans closed slightly higher in light trade. Farmer selling pretty much non-existent this week with focus on completing spring fieldwork. Both corn and wheat look poor on the charts, with short-term support levels broken on today’s price action. Although there are still some areas of concern, generally speaking the trade is viewing overall planting progress as normal and weather forecasts out two weeks that will favor early crop development. Opening calls for tonight are steady to slightly weaker.