AM Comments 04/27/15
Monday, April 27, 2015, 7:04 AM
Submitted by: Dustin Weiner
The markets were quiet overnight, at this time we see corn and wheat trading lower and soybeans trading mixed. The major input today should be weather, With dry, warm temps moving in planting pace should pick up speed for almost the entire US Corn Belt this week – with maybe even a few beans planted in spots. This afternoon after the close the USDA’s weekly progress report is expected to show corn around 21-24% planted (the average is 25%).
In other news, the Brazilian truckers strike appeared to be a dud as it apparently had little impact on grain movement over the weekend in Brazil. Remember, only the independent truckers were on strike, and there aren’t many of those. The outside markets are showing mixed signals this morning with the $US stronger, crude oil steady and the stock market called higher.
Overall for today (and maybe the rest of the week) with weather forecasts looking great and planters rolling hard it will be hard to shake the big $$ loose from their short positions. After Friday’s action (in corn) especially - the charts have turned negative and rallies could struggle to hold for now.
Corn down 2 to 3 cents
Have a great day!