AM Comments 06/11/13
Tuesday, June 11, 2013, 8:20 amSubmitted by: Dustin Weiner
Good morning!
The corn and soybean markets were mixed last night with nearby futures showing a little strength while new crop futures hovered around steady. Crop progress numbers from yesterday did not shock anyone, thus not giving the market a story to run with.
The weather market is of course, not done – far from it. Not only are we watching to see if/when the last of the corn and soybean acres will get planted but the trade will also start looking at extended temperature forecasts. Temps in July could turn out to be the true driver of crop size and be the difference between $3.50 and $5.50 corn for this fall.
Tomorrow at 11am the USDA will be releasing their June monthly S&D report – showing us projected ending stocks for both old and new crop. This will give the market direction – but it could pale in comparison to the June 28th quarterly stocks and planted acreage reports.
Opening Calls
Corn steady to up 2 cents
Soybeans steady to up 7 cents
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