Morning Comments 3/29/2013
Friday, March 29, 2013, 8:56 amSubmitted by: Kyle Lehman
Just a reminder markets are closed today for Good Friday. It may be a “good Friday” to take a break from the markets after yesterday’s report. The corn stocks came in 400 mln bu. higher than trade expectations which had nearby corn locked limit down 2 minutes 4 seconds after the report was released. Traders are trying to figure out if the 400 mln is coming from reduced feeding, under estimating last year’s crop, or a combination of both. Corn acres came in right at expectations of 97.3 million up 100K from last year.
Soybeans closed 49 cents lower on larger than expected stocks of around 65 mln bushels. This suggests ending stocks close to 170 mln vs. the March estimate of 135 mln. Soybean acres came in below trade expectations at 77.1 down 100K from last year.
April 10th will be the next report with USDA releasing an updated S&D.
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