Good morning!
Soybeans are getting pressured on further confirmation of rains moving into Argentina this weekend. Also, the cash market witnessed soybean basis back off a bit yesterday which was a small negative input. Even with beans being almost a dime lower over night, they are still 27c higher on the week which would be the strongest 1-week move since late November. Strong demand from both domestic crushers and China is what spurred this rally.
Later this morning a well followed private company will release their updated estimate on 2014 acreage intentions – their last estimate had corn at 91.8ma and soybeans at 81.9ma.
Monday is a holiday, so we are staring at a 3-day weekend. With weather forecasts in Argentina hanging over our heads the trade could get choppy as we get closer to the 1:15pm close.
Opening Calls
Corn down 1 to 3 cents
Soybeans down 7 to 10 cents
Have a great day!
Dustin Weiner
@fccoopgrain
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