Friday, May 3, 2013

FC Morning Grain Market Commentary for 5/3/2013

AM Comments 05/03/13


Friday, May 3, 2013, 8:18 am
Submitted by: Dustin Weiner


Good morning!
 
It was a quiet trade overnight last night with corn and soybeans both trading in narrow ranges – but inching a bit higher.  So far the weather forecasts don’t look a whole lot different than yesterday.  It will stay wet over the weekend with warmer/drier air moving in next week which should cause net drying.  Once of the reasons for the rally in corn yesterday is that there is a system penciled in for late next week that is expected to bring anywhere from a couple tenths to an inch of rain.  The market will watch that one closely, the areas that miss it could have a nice planting window open up. 
 
Monday afternoon the USDA will grace us with another planting progress report.  Expectations are fairly widespread with some in the trade thinking it will show corn as 12-15% planted while others think it could be closer to 20% planted.  Either way we will be behind pace, knowing full well that we can catch up fast.
 
The outside markets could be a friendly input today.  The U.S. unemployment numbers came out, dropping unemployment to 7.5% which should cause the equity markets to bounce higher.
 
The funds were in buying corn yesterday, we will need to see them doing more of the same today or our market could give back some of these recent gains…
 
Opening Calls
Corn steady to 2 cents higher
Soybeans 4 to 6 cents higher

 

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