AM Comments 04/13/15
Monday, April 13, 2015, 7:04 AM
Submitted by: Dustin Weiner
The markets were mixed overnight with weather being the main input into price direction. The largest impact came from wheat, the trade was surprised not only to see rains fall in some of the dry parts of wheat country – but rain also showing up in the forecasts for those areas. Wheat prices fell sharply because of it. As for corn/soybeans, some of their early weakness could also be attributed to weather as forecasts for the belt were slightly drier, indicating a fasts start to planting.
Overall the week looks to start steady/lower and we will look for changes in weather forecasts for direction. It is worth mentioning that because our markets have been down hard recently… a short covering rally wouldn’t be surprising. This afternoon (after the markets close) we will get a look at the USDA’s Planting Progress Report on corn. The market expects U.S. corn to be somewhere between 2% and 4% planted (the average for this time of year would be 5%).
Corn 1 to 3 cents lower
Soybeans steady to 2 cents higher
Have a great day!