AM Comments 5/21/15
Thursday, May 21, 2015, 8:05 AM
Submitted by: Eric Kist
It was a quiet overnight market again, following on the heels of yesterday’s low volume session. Throughout the night prices were slightly higher, and coming into the office this morning corn is up 2 cents, and beans are a penny higher—minor corrections from losses early in the week.
Helping support the markets this morning is the weekly export sales report for grains, as old crop corn sales estimated were reported to be surprisingly strong, and soybean numbers were within expectations. These numbers are derived from export sales made during the previous week, during which the US $ was in a period of steady decline. Following those steep losses last week, the Dollar has reversed course and returned to higher levels.
Also providing a bit of support today is the wet weekend forecasts for the majority of the US, which will cause some planting delays, and possible replants as well. It’s still relatively early in the planting season, but continual moisture will stop planters from rolling, and the early-season sprinter’s pace may turn into a crawl towards the finish line.
Opening calls for today’s trade:
Corn: 1-2 higher
Beans: 2-3 higher
Have a good day!