AM Comments 06/27/13
Thursday, June 27, 2013, 7:59 amSubmitted by: Dustin Weiner
Good morning!
Soybeans were higher last night while corn was steady to lower. At 7:30 this morning the weekly export sales report was out, corn and wheat exports were friendly with corn coming in towards the top end of guesses while wheat was above the highest guess. Soybeans were dead quiet on old crop, with strong new crop sales once again. Overall this is viewed as slightly bullish.
With the USDA reports just over 24 hours away, today’s price action could get a little squirrelly as traders line up their positions. The trade is expecting corn acres to drop by around 2 million acres with soybean gaining around 800k acres – so that is what is in the market already. The projected stocks numbers (just a measure-up of the country as of June 1st) are expected to be down around 10% on corn from last year at this time and down just under 35% on soybeans.
Opening Calls
Corn steady to down 2 cents
Soybeans 3 to 6 cents higher
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