AM Comments 05/13/13
Monday, May 13, 2013, 7:53 am
Submitted by: Dustin Weiner
Good morning!
Our markets were called weaker last night and did open lower
– only to trade higher shortly thereafter thanks to tight cash markets. The
nearby weather forecasts are probably a bearish (negative) input today. Rain
chances for the week are small (just a slight chance mid-week for southern IA
and parts of IL) with warm/hot temps coming. This should allow planting to
progress nicely across the corn belt – this is setting up to be the best week of
planting the U.S. has had this spring. A large widespread system will be moving
in this weekend – which means that producers that don’t have corn in the ground
will likely be pushing hard to get it done this week before the
rain.
Planting progress will be out this afternoon, the trade is
expecting the US to come out at a record low of 25-30% planted with the big
“I-states”, Iowa and Illinois, being the furthest behind. This week however,
could/should change that quickly.
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