Fccoop

MARKET COMMENTARY

AM Comments 06/09/15

Tuesday, June 9, 2015, 8:06 AM
Submitted by: Dustin Weiner


The markets are mixed this morning with soybeans a little firmer and corn a little weaker.  After seeing soybean planting progress numbers yesterday afternoon the market is acting like it wants to put a little premium in soybeans over concerns on planting delays.  The US soybean crop was reported at 79% planted (it was 86% at this time last year and the average is 81%).  Missouri seems to be the biggest trouble spot as just 30% of the crop is planted which insinuates that there are ~3.9ma of beans currently unplanted.  Kansas also is running behind with ~2.6 ma of beans left to plant.  The trade is starting to come around to the idea that there could be almost 1 ma of soybeans that simply won’t get planted this year.  While this is initially friendly to soybean prices... the last projection for ending stocks next summer was 500 mb (!!) which means that the soybean balance sheet can actually handle a loss of production pretty well this year.

 

Opening Calls

Corn down 2 to 3 cents

Soybeans steady/mixed

 

Have a great day!

 

@fccoopgrain

 

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