AM Comments 05/29/14
Thursday, May 29, 2014, 8:05 AM
Submitted by: Dustin Weiner
The markets are pretty quiet this morning. Corn is a bit lower thanks to good weather and soybeans are inching a bit higher, still finding support due to overall tightness in US bean supplies. Chinese demand has felt stronger the last couple days which just adds to the worry about projected U.S. carryouts going forward. It sounds like China is also in pricing some of their old purchase contracts which gives the front end of the market a stronger feel.
Regarding weather… for those fortunate enough to have all of their crops in the ground, things are looking pretty darn good. For those that don’t (the NW corn belt), today/tomorrow the weather forecasts appear to show mainly dry weather with temps into the 70s and 80s – which should allow strong planting progress for those areas that are the furthest behind. Rain chances increase as we get further into the weekend, some of the forecasted rains in North Dakota look like they could be severe which would put a stop to corn planting.
Corn down 2 to 3 cents
Soybeans up 4 to 5 cents
Have a great day!