Morning Comments 6/6/2013
Thursday, June 6, 2013, 7:59 amSubmitted by: Kyle Lehman
Markets have been quiet overnight with corn and beans trading steady to slightly lower. Rainfall totals for Iowa over the past 24 hours were scattered with spots seeing upwards of 2” while the majority ranged in the .5”-1” area. Weather models are showing the middle part of next week to be a touch wetter than previous estimates. The eastern corn belt has missed the recent rains which has allowed farmers in parts of Ohio, Indiana, and Illinois to continue planting progress of both corn and beans.
Exports this morning showed old crop corn exports of 4.2 mln bu. up from last week’s 3.4 mln. Corn is now at 91% of the USDA projection of 750 mln bushels. After net cancelations last week soybeans this week showed a net export of 1.8 mln bushels and currently stand at 99.6% of USDA projections. Soybean importers continue to purchase new crop beans with sales this week totaling 21.7 mln bushels.
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