AM Comments 04/25/13
Thursday, April 25, 2013, 8:08 am
Submitted by: Dustin Weiner
Good morning!
The corn and soybean futures were both higher overnight – as
the weather forecasts are anything but certain. The latest 6-10 and 8-14 day
maps look a little more active than previously forecasted. Weather markets are
touchy – and with the large amounts of money flowing in and out of commodities
these days, changes in weather are as volatile to price as ever. Unfortunately,
we could be in a weather market from now till harvest…
The USDA released the weekly export sales report at 7:30 this
morning and it looks bearish soybeans and somewhat neutral to corn. The soybean
number came out as a net negative for old crop sales – reflecting
cancellations made or sales being rolled to new crop. This has weakened spreads
a bit but so far the market is holding onto its gains from the night
session.
Some of the gains overnight can be credited to support from
the outside markets. The $US is getting whacked, trading at the lowest level
this week – helping gold, crude oil and most other commodities trade higher.
The DOW is also called 50 pts higher this morning.
Opening Calls:
Corn 2 to 4 cents higher
Soybeans 6 to 10 cents higher
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