Fccoop

MARKET COMMENTARY

AM Comments 05/12/15

Tuesday, May 12, 2015, 8:05 AM
Submitted by: Dustin Weiner


Today is report day, at 11am the USDA will grace us with another production estimate and S&D projection.  This is the first official S&D for the 15/16 crop year (the crop in the ground now) which is exciting.  Overall this report isn’t expected to have major surprises in it.  Although, many are wondering if the USDA will come out with a larger than expected corn yield thanks to early planting…  If so, that could put pressure on prices but it is worth noting that the funds are already short a large amount of corn – meaning that even if the report is bearish, the downside could be limited.

 

Yesterday’s planting progress report had US corn plantings at 75% complete (versus 57% average) and US soybean plantings at 31% complete (versus 20% average).  These estimates were in line with expectations and simply confirmed what we already know (planting is moving forward at a great pace).

 

Opening Calls

Corn 2 to 3 cents lower

Soybeans 1 to 2 cents lower

 

Have a great day!

 

@fccoopgrain

 

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