Afternoon Comments 3/6/2014
Thursday, March 6, 2014, 3:35 pmSubmitted by: Joel Pudenz
Good Afternoon!
The corn and bean markets both closed higher today with corn adding a dime and beans adding 17 cents. Corn was supported by the funds as they were net buyers of around 10,000 contracts today. Ukraine exports are continuing as normal, but the people of Crimea will vote on whether to leave Ukraine and join Russia, keeping the market nervous about the situation. Weekly export numbers this morning were 59.8 mln bu. strong – we need to average 6.6 mln bu. a week to meet USDA estimates. Our Midwest weather looks to be warming up in the monthly outlook, returning closer to average.
Beans found support and traded near the highs achieved one week ago. Sales are currently 113 mln. bu. above USDA estimates; this fundamental landscape hasn’t changed. Domestic demand for meal remains strong, we haven’t seen any significant cancellations, and the funds were net buyers of beans, oil, and meal today. Monday’s USDA WASDE Report will give more insight on out the carryout picture could change with sales, imports, and potential cancellations.
Corn closed up 9 cents to $4.91
Beans closed up 17.5 cents to $14.38
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