AM Comments 02/15/13
Friday, February 15, 2013, 8:18 amSubmitted by: Dustin Weiner
Good morning!
Our markets are higher this morning – picking up some strength from news/rumors regarding U.S. exports of wheat being booked. Corn closed lower yesterday – the 10th day in a row corn has had a lower close. You have to go back to 1965 to find a stretch that long. Is today the day we break the streak? So far it appears so… Soybeans were up a dime overnight but have slipped back due to a report from the USDA showing that 250k MT of soybean sales were cancelled by “unknown”. This could cause soybeans to trade both side of yesterday’s close today.
In political news, there was a Senate bill introduced yesterday to block E15:
Sens. Roger Wicker (R-Miss.) and David Vitter (R-La.) introduced legislation on Thursday that would prevent EPA from
approving ethanol blends higher than 10%, specifically targeting E15 (15% ethanol). "The higher blend of ethanol has
been found to cause engine damage, reduce fuel efficiency and contribute to higher corn prices and rising food costs for
American consumers," the senators said in a statement. S. 344 would prohibit EPA from granting any waivers for ethanol
blends above 10% and would also repeal previous waivers.
In U.S. weather news a strong weather system looks to develop over the Plains late next week – bringing some (much needed) widespread heavy precip to much of the Midwest. (map below)
Currently:
Corn is 4 to 6 cents higher
Soybeans are 3 to 5 cents higher
7 Day Moisture Outlook:
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