AM Comments 05/06/13
Monday, May 6, 2013, 7:44 am
Submitted by: Dustin Weiner
Good morning!
The corn market was sharply lower last night (down double
digits right on the open) thanks to bearish weather news. Some of the weekend
rains unexpectedly missed a few parts of the Eastern Corn Belt (allowing for
planting to continue) while the extended weather forecasts show more favorable
conditions over the next 14 days. This was a typical “weather weekend” for our
futures markets – where we take two days off from trading, have a change in the
forecasts and have a sharp move Monday morning.
This afternoon we will get to see the next planting progress
report from the USDA. Best guess is that corn is 15 to 20% planted and this
would NOT include any planting done yesterday in Indiana, Ohio and Michigan.
FYI – those regions have a clear path to have corn planting potentially DONE by
mid-late week this week.
Opening Calls
Corn down 15 to 20 cents
Soybeans down 5 to 7 cents
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