Afternoon Comments 3/31/14
Monday, March 31, 2014, 3:31 pm
Submitted by: Joel Pudenz
Submitted by: Joel Pudenz
Good Afternoon!
This morning’s report was cause of volatility in the market today with corn trading a 28 cent range and beans a 43 cent range. Nearby corn closed a dime higher as quarterly stocks were 7.006 bln bu – near trade expectations, but still a friendly number as some expected lower feed usage. Export inspections were strong at 52.2 mln this morning. Planting Intentions were 1 mln acres less than trade expectations, helping December corn close 11 cents higher and was also supportive old crop prices. Iowa showed an increase of 400k acres.
Nearby soybeans closed 27 cents higher as the quarterly stocks number of 992 mln bu. reinforced the fact of a tight U.S. soybean carryout (145 mln). Planting Intentions are 81.5 mln acres (a record), nearly 5 mln. acres more than last year. Iowa shows an increase of 300k acres of soybeans. November soybeans closed 3 cents lower on the large acreage number. The market will watch the intentions evolve into decisions and look to weather/spring planting as we stand on the doorstep of spring.
Corn closed up at $5.02
Beans closed up at $14.64
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