AM Comments 05/23/16
Monday, May 23, 2016, 12:05 PM
Submitted by: Dustin Weiner
Corn and soybean futures were both lower last night with most conversations this morning involving weather conditions which continue to look non-threatening for most of the U.S. Corn Belt. We will get another installment of the USDA’s weekly crop progress report at 3pm today. The trade is expecting U.S. corn planting progress somewhere between 85% & 90% complete while soybeans should right at or above 50% complete. It will be somewhat interesting to see which areas aren’t finished planting, as this ‘non-threatening’ weather (warm and wet, maps below) to me appears a little threatening to those who won’t finish planting before the systems start rolling in…
Other than weather, there isn’t much to chat about (yet) this morning. The bears in the room will talk about all of the things I mentioned above while the bulls will focus more on unknown yields for what’s left to harvest in Argentina (30% of the ysb crop?) and the seemingly insatiable demand for soy from China. Today… the U.S. weather story seems easier to measure/quantify making our opening calls lower.
Corn 2 to 4 cents lower
Soybeans 10 to 15 cents lower
Have a great day!
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