Morning Comments 1/18/2013
Friday, January 18, 2013, 8:44 amSubmitted by: Kyle Lehman
Markets are quiet this morning as some of the traders will be taking a 4 day weekend. Informa will be updating their new crop acres today around 10:30. Their last estimate showed new crop corn acres at 99 million and new crop bean acres at 79 million. This estimate for both corn and beans are 1.8 million more acres than last year actuals. China’s 4th quarter GDP reported a 7.9% growth up .5% from the 3rd quarter showing some signs of economic improvement.
This week’s drought monitor showed 58.87% of the US is in some sort of drought, this is down 1.39% from last week and much of that is in the Eastern Corn Belt and Tennessee River Valley. South America is still dry with some weather models showing a blocking ridge causing the dry pattern may break late next week. If the dry pattern consists it may provide support to the corn market as they are in the midst of pollination these next couple of weeks.
Corn up 2
Beans down 5
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