Afternoon Comments 3/26/2014
Wednesday, March 26, 2014, 3:09 pm
Submitted by: Joel Pudenz
Submitted by: Joel Pudenz
Good Afternoon!
News was sparse today with corn trading slightly lower and beans closing higher. Weekly ethanol production added some pressure to corn, slipping .67% vs. last week as rail logistic issues continue to keep a cap on what ethanol producers can ship. Ethanol stocks vs. last week were up 2.46%. Eastern Europe is still volatile, but corn and wheat vessels out of the Black Sea are still loading on schedule. Weakness in wheat (due to needed rains in Oklahoma and Texas) also found its way into the corn market.
Beans traded mixed, but was able to close 12 cents higher. Rumors of Chinese cancellations failing to materialize continues to add support. Stronger meal prices and a decent amount of fund buying were also supportive to beans today. Harvest in Brazil is over 2/3 complete and Argentine producers are discovering better-than-expected yields as they begin harvest.
Corn closed down 2 cents at $4.845
Beans closed up 12 cents at $14.40
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