P.M. Comments 5/30/2014
Friday, May 30, 2014, 4:05 PM
Submitted by: Joel Pudenz
Another quiet day in the markets today; a generally small amount of fresh news kept the focus on friendly weather and +95% planting progress by Monday. Corn dipped a nickel today continuing the downward trend – corn has lost over a dime this week, and over 50 cents this month. With the 14/15 crop well under way, and a healthy carryout from last year, the supply side of the balance sheet is looking strong (pressuring nearby and new crop prices).
Soybeans fell 5 to 10 cents on the day and dropped over 20 cents on the month. Planting progress is expected to be around 80% on Monday. Volatility will continue in the bean market as we juggle a tight carryout and a potentially large 14/15 world crop. The report Monday will give us the first look at crop conditions and the market expects strong/healthy estimates.
Have a great weekend!