AM Comments 05/08/13
Wednesday, May 8, 2013, 8:11 am
Submitted by: Dustin Weiner
Good morning!
The corn and soybean markets were mixed overnight with corn
working lower while soybeans traded higher. Slow farmer selling and aggressive
nearby soybean basis continues to support old crop soybeans. Corn meanwhile is
struggling with extended weather forecasts. After the system moves through the
Corn Belt today through Friday the weather looks to clear up a bit for next
week. It is worth noting that there are scattered rain chances mid-week next
week for areas of the Midwest. Those that miss it should have a good chunk of
corn planted. The 6-10 and 8-14 day forecasts reflect “normal” precip for Iowa,
whatever that means… J
This Friday at 11am the USDA will release the May S&D
report. It will not only project ending stocks for this summer (12/13 crop),
but it will also project ending stocks for next summer (13/14 crop).
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