AM Comments 04/05/13
Friday, April 5, 2013, 8:37 amSubmitted by: Dustin Weiner
Good morning!
Our markets are mixed this morning with corn trading a bit higher while soybeans are weaker. Soybeans continue to slide on fears of reduced Chinese demand. Chinese authorities have reportedly killed more than 20,000 birds from a live poultry market in Shanghai after it was found in pigeons for sale there. Both the soybean and soybean meal markets are on shaky ground because of this.
Weather… a warming trend is in the forecast for the corn belt with rain chances in the front end while the extended forecast looks drier. The 8-15 day forecasts is indicating that planting should progress nicely through the last half of the month.
The outside markets are a mixed to bearish input this morning. Equities are under pressure and crude oil is weaker. May crude oil futures are down over $4.50/barrel on the week. The daily chart of May crude looks rough – after starting the week trading above all of their moving averages, crude is now trading below those same moving averages. Quite a drop.
Currently
Corn is 3 to 4 cents higher
Soybeans are 8 to 12 cents lower
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