AM Comments 03/28/13
Thursday, March 28, 2013, 8:00 amSubmitted by: Dustin Weiner
Good morning!
You might as well put the markets on pause this morning as everyone waits for the USDA reports to come out at 11am. The only market trading any news whatsoever may be the wheat market – which is a touch higher thanks to a weather forecast that is a little friendly.
We did get the USDA’s weekly export sales report at 7:30 this morning – it came out disappointing for old crop beans and neutral for corn. New crop bean sales were good – supportive to that portion of the soybean market.
Outside markets… after making new highs for the move yesterday the $US is weaker this morning (which is generally friendly to commodities). Cyprus banks reopened today for the first time in a couple weeks and there are lineups at the banks from citizens wanting to pull their money out. There are limits on how much cash they can take out.
REMEMBER – the markets are closed tomorrow for Good Friday. So today is big: it is the last trading day of the week, last trading day of the month, last trading day of the quarter AND we have the USDA gracing us with quarterly stocks and prospective plantings. Could be a doozie…
ESTIMATES FOR REPORT:
· Stocks
o Corn 4.995bb
o Soybeans 948mb
· Planted Acres
o Corn 97.34ma
o Soybeans 78.35ma
Currently:
Corn is steady to down 1 cent
Soybeans are down 2-3 cents
Soil temp map:
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