Morning Comments 5/31/2013
Friday, May 31, 2013, 7:57 amSubmitted by: Kyle Lehman
The has been choppy and mixed overnight with corn steady to 1 higher while beans trade 7 higher. News has been scarce the past couple of days and today seems to be no different. Exports sales this morning were poor for both corn and soybeans. Old crop bean exports showed a net negative of 4 mln bushels this week which is no surprise considering the news wires of cancelations from China. The below map shows the past 7 day precipitations totals for the US indicating Iowa has been the epicenter for the recent weather events.
The one bright side to all this rain is the drought from last year has pretty well been eliminated. The US drought monitor released yesterday showed 19% of Iowa is in some sort of drought down from last week’s 35%. Many climatologists suggest next week’s drought monitor could show Iowa free of drought or at least below 5%. Once we get past the rain events Wed/Thurs next week, weather models are suggesting a new high pressure ridge for the 9-15 day period which would allow for more “normal” rainfall expectations.
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