AM Comments 04/11/13
Thursday, April 11, 2013, 8:20 amSubmitted by: Dustin Weiner
Good morning!
The weekly export sales report was out this morning – soybean exports came in above estimates for old crop sales, below estimates for new crop. Corn estimates fell with the range of guesses, so overall it is pretty neutral.
The markets are being led higher by tighter spreads (nearby months stronger than deferred months). This, along with a strong basis - reflects a lack of farmer selling.
The 10 day forecast is still showing an active weather pattern – great for soil moisture and potential crop size but not so great for timely planting. The long term forecasts do show temps warming back up into the last week of April. Once this crop is in the ground, one can expect old and new crop prices to drop thanks to the added soil moisture and friendly long term weather models.
Opening Calls
Corn steady to 5 cents higher
Soybeans 2 cents lower to 2 cents higher
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