AM Comments 10/04/13
Friday, October 4, 2013, 8:26 amSubmitted by: Dustin Weiner
Good morning!
Showers and thunderstorms are sliding across much of Iowa this morning – some parts of the state are reporting as much as 2” of rain with more coming later on. This same storm FYI is also expected to give the Black Hills 2’ of snow. Harvest in the WCB is effectively shut down for a bit. The extended forecasts do appear warmer and drier which should get it fired back up again, it looks like there no chances of rain until late next week.
Overnight the trade was pretty quiet. The corn market chopped around while the soybean market took a few profits from yesterday and traded lower. Demand for soybeans remains strong both in domestic crush (margins remain good) and in exports. Later this morning Informa will be out with their estimate of the US ’13 crop sizes which could give the market some input. The general feeling is that yields are coming in higher than the last USDA report showed – especially in corn.
Opening Calls
Corn steady to 2c higher
Soybeans 4 to 7 cents lower
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