AM Comments 04/09/13
Tuesday, April 9, 2013, 7:54 amSubmitted by: Dustin Weiner
Good morning!
Our markets are steady/mixed this morning with corn a touch higher and soybeans a touch lower. The USDA’s monthly S&D report is out tomorrow morning at 11am, which could/should keep our markets steady/choppy today. Below are the trade estimates for ending stocks (aka carryout) for the 12/13 crop year on tomorrow’s report:
· Corn
o 812mb (was 632mb in the March S&D)
· Soybeans
o 136mb (was 125mb in the March S&D)
Anything too far above or below those numbers will cause a reaction in price.
Other than that, it looks to be a quiet day. The extended weather forecasts look a little wetter than they did yesterday, both the 6-10 day and the 8-14 day outlooks show ‘normal temps’ and ‘above normal precip’ for most of the corn belt.
Corn steady to 3 cents higher
Soybeans steady to 3 cents lower
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