Afternoon Comments 2/18/2014
Tuesday, February 18, 2014, 3:46 pmSubmitted by: Joel Pudenz
Good Afternoon!
Soybeans found strength today closing nearly 25 cents higher. Export inspections this morning fell within trade estimates but were on the high side of expectations. March meal reached contract highs and news of stress on late planted soybeans in Brazil helped March beans close above $13.60. The dry Brazilian weather is helping with bean harvest as most estimate bean harvest at 25% complete.
Corn also received support from news of dry Brazilian weather. More rainfall is needed for Brazil's 2nd corn crop; corn from the 2nd Brazilian crop typically competes with U.S. corn for export sales. Old crop also got a bump from higher-than-expected export inspections (32.6 mln vs. 21-27 mln expected). Increased producer selling may be keeping a cap on upward moves.
Corn up 4.25 cents
Beans up 23.5 cents
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