Good morning!
Our markets were higher overnight, the 11-15 day
forecast is showing a little more moisture meaning the potential
planting window late next week could be a little shorter than thought.
It is safe to say
that these extended weather forecasts
are difficult to trade off of. Wet one day, dry the next. This force
feeds volatility into our market and won’t end anytime soon. Planting
weather -> pollination weather -> August “soybean make-or-break”
weather -> harvest weather – it isn’t going to stop
anytime soon. Step 1… get the crop in the ground.
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| May 2, 2013. Western, IA raingage |
The USDA released their export sales report this
morning and it is a friendly input. Wheat sales were good, corn sale
were also good – coming in above the trade guesses. Soybeans showed net
cancellations (negative sales) for old crop
which by itself would be bearish BUT the new crop sales numbers were
big, making the report an overall bullish input.
Outside markets… also friendly this morning as
crude oil is putting in a small recovery. The big talk around the trade
today will no doubt be all of the snow that has fallen across the
Western Corn Belt.
Opening Calls
Corn 7-9 cents higher
Soybeans 5-6 cents higher
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