P.M. Comments 6/2/2014
Monday, June 2, 2014, 4:06 PM
Submitted by: Joel Pudenz
The grain trade was mixed on the day with corn bouncing in a 10 cent range, closing a penny higher. Planting progress is all but complete for corn with the U.S. at 95% and Iowa at 94%. Crop conditions are strong with 76% of corn rated as good/excellent (82% in Iowa). Weather continues to look favorable, but there are some chances of heavy rainfall through this week.
Soybeans traded mixed also with July gaining 7 cents and November falling 4 cents. Export inspections today were stronger than expected, adding some support to nearby prices. Planting progress for soybeans is 78% complete, 8% ahead of the 5-year average (Iowa is 94% complete). This strong planting performance coupled with good weather will add additional pressure to new crop prices. We’ll see how the market reacts to these numbers in light of strong export demand and a healthy Chinese economy.
Have a good night!