AM Comments 4/24/15
Friday, April 24, 2015, 8:04 AM
Submitted by: Eric Kist
Good morning! We awoke to spotty showers here in Iowa, and temperatures near-freezing again overnight. This recent weather trend is expected to continue through the weekend, but beginning Monday forecasts call for 7-8 days of clear skies and warm temps!
Overnight markets for corn and beans were both lower coming into this morning, as corn is down 2 cents, and beans are nearly 4 cents lower as we head into the morning break. Soybeans were able to make a decent rally yesterday on rumors of another trucker strike in South America, as they traded 12 cents higher during the day, before eventually settling up 7 cents. Those rumors did come to light, as round two of the Brazilian Trucker Strike commenced yesterday, as truck unions and the national government have been unable to come to terms regarding freight rates. Reports from the country this morning signify the truck strike having a minimal impact, as only a few blockades have been seen thus far.
Corn continues to trade a narrow range on a lack of news. The chart below shows weekly nearby corn futures dating back to mid-January (following the USDA’s final production report). Another choppy trade is expected today, with a good chance of both corn and beans closing lower, as the market is anticipating significant planting progress in the week to come.
Corn: 1-2 lower
Beans: 1-2 lower
Have a great day!