AM Comments 05/24/16
Tuesday, May 24, 2016, 1:05 PM
Submitted by: Dustin Weiner
Our markets are both lower this morning but it is worth mentioning that they did start off higher last night on ideas that the wet weather in the western corn belt could cause a few issues for the unplanted acres. Planting progress was out yesterday afternoon (maps below), we didn’t see many surprises. Planting progress seems to be moving along just fine and even though there are many soybean acres not yet planted (we are 56% planted), in the eyes of the market there is still plenty of time to get them done. For the crops that are in the ground, the next couple weeks of weather looks great as it appears like it will warm up and provide precipitation. Much of the weakness this morning has been attributed to sharply lower Chinese markets overnight – pressuring soybeans. We also see that the $US is quite a bit firmer this morning (at 8-week highs) which is making it a little easier for folks to hit the sell button on commodities.
So overall for today we look to be lower with the outside markets ($US, Chinese influences) giving us the most pressure. Also, this wet weather that hit our state yesterday has slowed down a bit and those in the East appear to be getting an extra day or so to get field work done before the rains show.. While this is great for them it may be a little bearish to prices.
Corn 2 to 3 cents lower
Soybeans 12 to 15 cents lower
Have a great day!
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