The markets started Easter Sunday higher last night – mainly in soybeans – but gave way to selling pressure and this morning we now see corn, beans and wheat all in the red. The talk overnight was that risk premium was being taken out of the markets as the situation in Ukraine seems to have improved. Leaders from the U.S., EU, Russia and Ukraine reached an agreement last week, at least making an attempt at a peaceful resolution. This is allowing the grain markets to relax a bit.
This afternoon, after our markets close, we will get the weekly planting progress report. The market is expecting corn planting to be somewhere around 10% complete. This is close to our average and will confirm the market sentiment that planting, so far, is “normal”. Between good prospects for the 14/15 crop and Ukraine improving – corn has struggled to stay positive lately. Last night May corn traded to the lowest level since the March stocks report…
The outside markets are mixed with Crude Oil lower at this time (DN 25 @ 103.12) along with a higher US Dollar (138.06 vs. Euro) and the US stock market is higher (UP 8).
Opening Calls
Corn down 4 to 5 cents
Soybeans down 7 to 10 cents
Have a great day!
@fccoopgrain
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