AM Comments 05/27/15
Wednesday, May 27, 2015, 8:05 AM
Submitted by: Dustin Weiner
The futures market is mixed this morning after initially bouncing higher in both corn and soybeans last night. The rally was short lived in corn as the $US started firming overnight which pushed corn down to its lowest level since October. Finding supportive fundamental news is tough these days, although the market is starting to approach ‘oversold’ levels which could stop the bleeding. Soybean futures were able to hold onto small gains last night with labor issues in Argentina offering support. The soybean market in Rosario (Argentina) is being restricted as exporters there aren’t buying many soybeans in an attempt to pressure the government to resolve a labor strike. This narrows the spread in soybean values when compared to the US gulf.
Weather… After a much needed break from the rain today another front will push through later this week bringing showers and thunderstorms to the belt. NOAA’s 6-10 day outlook shows above normal temps for most of the Corn Belt with normal to above normal precip (maps below).
Crop Progress… In the USDA’s weekly report yesterday afternoon they pegged US corn planting at 92% complete (IA at 96%) and US soybean planting at 61% complete (IA at 70%). These are all above the average for this time of year except for Iowa soybean planting, which is a few percentage points behind.
Corn down 2 to 3 cents
Soybeans up 1 to 3 cents
Have a great day!