P.M. Comments 6/4/2014
Wednesday, June 4, 2014, 3:06 PM
Submitted by: Joel Pudenz
A slightly weaker close for corn and mixed close for soybeans accurately reflect today’s activity. Corn closed steady to 2 cents lower as we see no threats in forecasting models. Beneficial rainfall added useful moisture to most of the central corn belt yesterday/last night. Some areas of Eastern Nebraska and Southwest Iowa received heavy amounts of rain and damaging hail. Ethanol production data was within market estimates, which had a neutral effect on prices. It was also quiet in the soybean trade today, with nearby prices gaining 2 cents and new crop prices dropping 4 cents. Old crop prices were pressured by strong production estimates for this fall and potential increases in bean acreage in northern states. We will get our first glance at soybean crop ratings next Monday and most expect +70% of beans in the good/excellent category.
Have a good afternoon!