AM Comments 06/14/12
Thursday, June 14, 2012, 8:44 amSubmitted by: Dustin Weiner
Good morning!
There was strength in corn overnight and you can credit that to a drier weather pattern showing up in the extended forecasts for the Eastern Corn Belt. As far as nearby weather goes, chances are good for heavy rains to come this weekend, but it hasn't happened yet. Currently it appears NW IA, MN, SD and WI will get the most precip - this is awfully similar to the recent patterns. Will this finally be the time the rains push South and East, potentially saving yields in those areas? All eyes will be on the radar for the next 4-5 days to see who gets it - and who doesn't.
The USDA's weekly export sales report was out this morning - disappointing once again on corn, coming in below estimates. Soybeans also came in just a shade below estimates. Overall you can call the report bearish but not too surprising.
Currently
Corn is up 8 to 12 cents
Soybeans are up 3 to 5 cents
Have a great day!
Farmers Cooperative - Market Commentary Details
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