AM Comments 05/24/13
Friday, May 24, 2013, 8:35 amSubmitted by: Dustin Weiner
Good morning!
The markets feel a little more relaxed this morning after yesterday’s wild trade. Nearby soybeans are finding weakness after hearing confirmations that the Argentine port workers strike has ended. Soybeans are also finding technical weakness from the collapse yesterday - the aggressive sell off after making new highs yesterday has some people thinking that a short term top could be in on soybeans.
We are coming up on a 3-day weekend, which means weather forecasts have quite a bit of time to change before the market trades again. Currently the market is looking at scattered showers for the Western Corn Belt starting late today and through early next week. After that – the 8-14 day forecasts look to have above normal temps with close to normal rainfall for a good portion of the belt. The majority of the trade views these forecasts as favorable for crop development.
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