AM Comments 04/30/13
Tuesday, April 30, 2013, 8:10 am
Submitted by: Dustin Weiner
Good morning!
Corn looks to start the day mixed – after trading up the
limit (40c) yesterday. The USDA’s planting progress report that was out
confirmed the obvious (that we are well behind the average for this time of
year) which should keep corn supported in the short term.
The nice weather we have had lately is about to go away,
slamming the planting window shut. A system will move into the Midwest tonight
and hang out through the end of the week dropping 1-3” on a large percentage of
the belt. Then early next week a small system sets in before the 11-15 day
forecasts start to turn warmer and drier. It feels like the market is turning
its eyes to next week, waiting to see if this next system grows or
shrinks…
For the three states Indiana, Illinois and Iowa – March
ranked as the 10th coldest and April will be the 1st or
2nd wettest in history! If we have learned anything over time it is
that weather can change fast (example: Summer of 2012 drought followed by Spring
of 2013 wet weather planting delays).
Opening Calls
Corn steady to 2 cents higher
Soybeans 4 to 6 cents higher
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