AM Comments 04/21/15
Tuesday, April 21, 2015, 8:04 AM
Submitted by: Dustin Weiner
Weaker markets overnight with not a lot of news to go off of. Bird flu seems to be the topic of conversation in the trade this morning with avian influenza being detected in a second facility in Iowa. This one will have 3.8 million egg laying hens destroyed. Standing on its own – this isn’t a big deal, but the threat of something like this spreading would insert weakness into soybeans (through meal) and corn ad demand for both would slip.
Weather… the 6-10 and 8-14 day precip outlooks from NOAA are showing normal to below normal precip and temps for most of the belt (precip maps shown below). This should allow for planting to fire back up again. As mentioned yesterday afternoon, US corn planting was shown at 9% complete (was 6% last year, the 5-year average is 13%) while IA was right at its 5-year average of 7% complete (IA was at 2% complete at this time last year). The Eastern Corn Belt seems to be dragging the U.S. percentage down with IL, IN and OH all lagging behind normal.
Corn 2 to 4 cents lower
Soybeans steady to 3 cents lower
Have a great day!