AM Comments 03/26/13
Tuesday, March 26, 2013, 8:12 amSubmitted by: Dustin Weiner
Good morning!
It was another mixed overnight session as our markets tread water up until Thursday’s USDA reports. Corn and soybeans traded on both sides of yesterday’s close throughout the night session.
Average trade guesses for Thursday’s report:
· US ACRES
o Corn 97.3 million acres
o Soybeans 78.4 million acres
· STOCKS AS OF MARCH 1
o Corn 4.995 billion bushels
o Soybeans 948 million bushels
Any major variations off these numbers will cause market spikes. Interesting to note the corn acres, basically expected to stay near unchanged from last year. A month or so ago this was rumored to be 98-100m acres. The cold weather has changed some traders’ ideas – basically cementing the fact that corn planting won’t be early although it is still premature to consider planting to be late. I’d expect the market to start trading extended weather forecasts around, oh… 15 minutes after the report is digested!
Currently
Corn is down 1 to 3 cents
Soybeans are down 1 to 2 cents
BRAZIL TRUCK LINE (from a week or so ago):
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