5-22-14 PM Comments
Thursday, May 22, 2014, 3:05 PM
Submitted by: Jon Setterdahl
New contract highs today for both old crop and new crop soybeans, as the lack of old crop export cancellations and new crop buying interest from China the reasons. The market is almost daring demand to slow down, which means volatile trading days are ahead as this either happens or doesn’t. There is still the potential for plentiful world bean supplies come this fall if the US yield is ok. We know there will be a long tail on the export program from Brazil, given their big crop down there. Bean selling was active today, especially for new crop as they hit $12 cash. Corn, on the other hand, was really quiet. Prices were caught in the wakes’ of higher beans and lower wheat and ended up just slightly higher. Little consolation to the 40 cent price decline in the last 2 weeks. Weather largely a non-threatening event right now, as planting is progressing well in the northern areas that were behind.