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MARKET COMMENTARY

5-19-14 PM Comments

Monday, May 19, 2014, 3:05 PM
Submitted by: Jon Setterdahl


Mixed day to start the week.  Appeared some funds were unwinding positions today, as they were actively selling corn and buying soybeans.  Corn looks poor on the charts, closing below the 100-day moving average and at its lowest level in over 2 months.  Weekly export inspections this morning aligned the same way, with corn somewhat disappointing at 41.7Mln and soybeans above estimates at 6.2Mln.  Some trade reports beginning to doubt that this year’s demand numbers will be reached, which is adding to the bearish sentiment in corn.  Farmer selling continues to be extremely light.  This afternoon, weekly planting progress showed corn 73% planted nationally (IA 84%) and soybeans at 33% planted nationally (IA 40%).  These are both near 5-yr average pace, the only states behind their averages on corn planting are the northern tier of states….ND, MN, WI, and MI.  Weather forecasts out the next 2 weeks look good for overall crop development, with warmer temps and a few chances for rain.  Opening calls for tonight are steady. 

 

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