AM Comments 04/01/13
Monday, April 1, 2013, 8:52 amSubmitted by: Dustin Weiner
Good morning!
Old crop corn expectedly took a beating last night, following through after Thursday’s limit down move – thanks to the USDA’s Quarterly Stocks Report. You may notice that new crop corn is hovering around steady – Thursday’s stocks report was wildly bearish old crop, but the acreage report was neutral to new crop prices which is helping dec corn stay afloat.
Traders are now turning their eyes to weather. So far today, it appears to be a mixed bag across the belt. For the bears: temps in the short term are expected to warm up a bit with some small precip mixed in, which would help get us on the path to planting on time. For the bulls: the extended forecasts are showing above normal precipitation and below normal temps – not ideal for planting. As these forecasts change, so will your new crop corn price. These next few weeks could be pretty choppy…
Currently
Corn is down 30 cents
Soybeans are down 10 cents
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