Good morning!
Our markets continue to slip thanks to pressure from the drier/warmer extended weather forecasts. The 6-10 day forecast from NOAA is calling for below normal precip and temps while the 11-15 day forecast is showing above normal temps and normal precip.
The USDA released its weekly planting progress yesterday, showing US corn at 4% planted versus 16% on average. The market basically ignored that slightly bullish report last night – instead trading on ideas that a planting window will be opening up soon.
In outside markets today, the $US is rallying which is pressuring most commodities. China’s PMI (their main economic indicator) came out well below trade expectations which is causing some concern as traders recalibrate their growth projections lower for the world’s second largest economy.
Opening Calls
Corn 3 to 6 cents lower
Soybeans mixed, 2 cents lower to 2 cents higher
Have a great day!
Dustin Weiner
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