P.M. Comments 5/27/2014
Tuesday, May 27, 2014, 3:05 PM
Submitted by: Joel Pudenz
Grains struggled today under friendly forecasts, fund selling, and anticipation for strong planting progress numbers this afternoon. July corn closed below the 200 day moving average and December corn closed nearly a dime lower from news of a warmer/wetter 2-week outlook. Northern states, which were once a concern, appear to have a window to wrap up their planting season. The trade seemed to shrug off stout corn export inspections this morning as it anticipated friendly planting progress estimates. Planting progress for corn is near 90% nationally, and 96% for Iowa – both near average.
Volatility continues for beans, closing over 25 cents lower across the board. Friendly weather forecasts weighed on bean prices and planting progress was expected to be around average. While crush margins for Chinese processors are improving, new concerns of credit issues added additional pressure. National planting progress for beans was 59% and 80% for the state of Iowa – both a touch stronger than average.
Planting progress estimates were released today at 3:00 today. Here are the details:
Have a great afternoon!