AM Comments 04/24/13
Wednesday, April 24, 2013, 8:05 am
Submitted by: Dustin Weiner
Good morning!
The markets were quiet overnight, trading both sides of
yesterday close before ending a touch higher at the 7:45 am pause in the
markets. The small strength we are seeing in the futures is coming from the
cash markets as domestic processors (of both corn and soybeans) struggle to
source bushels from the producer. This has strengthened basis and spreads and
gives the front end of the market a little life.
The wheat market could end up being a bullish influence to
corn today as there were some cold cold temps (sub 20 degrees in spots) across
wheat country early this morning.
Drier warmer air will finally slip into the corn belt this
weekend with temps turning to above normal with a little wind and plenty
of sunshine. Both weather models currently agree that the next sizable rain
event won’t start to hit the Western Corn Belt until next Thursday. That system
will be interesting to watch as we move forward…
Opening Calls
Corn steady to 2 cents higher
Soybeans 2 cents lower to 2 cents higher
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