AM Comments 05/21/14
Wednesday, May 21, 2014, 7:05 AM
Submitted by: Dustin Weiner
The CBOT futures this morning are a mixed bag – corn is pretty much unchanged from yesterday while soybeans are a bit higher. The markets in general still seem to be reeling from recent price action – corn has broken nearly 50c off the recent highs made just 8 trading days ago! After a fundamental drop in price like that, any bounce here feels like it will be just that – a bounce. The soybean market is trying to correct itself this morning after trading lower yesterday, but it too feels defensive. The cash markets are firm in both corn and soybeans which could support the market in the short term.
Rain moved across central IA last night (map below) but the areas of the belt that had been experiencing planting delays (northern belt) missed the rainfall. The extended two-week forecasts still look to bring above normal temps and precip to the U.S.
Soybeans 4 to 7 cents higher
Have a great day!