Morning Comments 3/14/2013
Thursday, March 14, 2013, 8:29 amSubmitted by: Kyle Lehman
News this morning has been few and far between which has the markets chopping around steady to down a couple. No big surprises in this week’s export sales; corn exports came in at 11.1 mln bu within expectations of 10-22 mln. Soybean sales were 24.17 mln slightly below expectations of 30-42 mln but well ahead of USDA pace. Wheat exports came in above the estimate of 13-22 mln at 32.65 mln which has wheat the only grain trading higher.
*Tomorrow’s forecasted high of 56 in Des Moines has some people anxious for spring. Just an FYI the high of 56 for tomorrow (3/15) happens to be 25 degrees less than last years high of 81 for 3/15/12. So far this month the average temperature for march has been below normal and almost opposite of last years record high March temperatures. The chart below indicates the month of March last year averaged a high of 66.8 degrees for the month and this year the current pace is 35.8 degrees well below the 49 degree historical average.
Outside markets are a touch bearish this morning as the dollar makes new highs on worsening European financial outlooks while crude and metals trade lower.
Corn down 1
Beans down 5
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