AM Comments 04/15/14
Tuesday, April 15, 2014, 7:58 am
Submitted by: Dustin Weiner
Submitted by: Dustin Weiner
Good morning!
Most of the news we are reading this morning is the same type of news you can get from your local news station: it is all about Ukraine/Russia. Tensions are escalating, Ukraine has now deployed their military for anti-terrorism operations as pro-Russian militants take over police stations in Eastern Ukraine. Russia is of course playing the same card they did with the Crimean Peninsula – accusing Ukraine of not protecting Russian-speaking people. If you want to tie this into grain S&D’s, the Ukraine National Bank nearly doubled their benchmark lending rate, changing it to 14.5% from 7.5%. This is an attempt to slow inflation but their farmers are now facing a credit crunch as they try to finance their 2014 spring planting season. Corn production estimates for the Black Sea area are already being lowered.
The outside markets are mixed with Crude Oil lower at this time (DN 95 @ 103.10) along with a higher US Dollar (138.03 vs. Euro) and the US stock market is higher (UP 27).
Other than that, pretty quiet. The market is unsure as of now the condition of the HRWW crop after last night’s cold temps. If you see a rally in corn/wheat later today – news regarding those freezing temps could be why…
Opening Calls
Corn down 2 to 3 cents
Soybeans steady to 5c higher
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