AM Comments 05/07/13
Tuesday, May 7, 2013, 8:10 am
Submitted by: Dustin Weiner
Good morning!
Our markets were higher overnight following the weekly
planting progress report that showed corn only 12% planted versus trade
expectations of 15-20% planted. Traders are already questioning the data (of
course). This pace is the slowest since 1984 – but it can change in a hurry.
Last year, for example, Iowa planted 61% of its corn crop in one
week!
The weather forecast looks a little drier for next week which
is keeping somewhat of a lid on the corn market. The funds were big sellers of
corn yesterday (and eventually soybeans too) and if they are in “selling mode”
again today, our markets could turn over quickly. Generally speaking, soybean
futures are seeing strength coming from the nearby cash market. A good
percentage of domestic crushers are still holding onto decent margins, keeping
spreads and basis firm.
5-Day Precip Map:
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