FC Morning Grain Market Commentary for 4/1/2014

AM Comments 04/01/14

Tuesday, April 1, 2014, 8:12 am
Submitted by: Dustin Weiner

Good morning!

The corn and soybean markets were firmer last night. It appears that soybeans were leading the charge thanks to the USDA report yesterday that confirmed tight US soybean stocks. The fund money is also still hanging in there as general buyers of commodities. 

China’s official PMI for March was released, the trade expected 50.1 and it came out at 50.3 (it was 50.2 in Feb).  Anything over 50 indicates growth in their economy and the higher above 50 it is – the faster the growth.  So, this number calms a few of the fears that have been showing up recently regarding China’s economy and should help support the market, especially the soy complex.  Also in friendly news out of China it appears their cash soybean crush margins were up a little overnight (they had been getting pounded lately).

 

Extended weather outlooks look favorable for planting in the southern Midwest and Delta as the 8-14 day outlook shows a warmer/drier pattern for those areas.  The northern half of the belt is still showing below normal temps…  They are of course planting corn down south, Texas corn plantings are estimated at 28% complete versus 53% last year and 28% normal. Arkansas is 18% planted versus 20% last year and 30% normal. Georgia is 34% planted versus 28% last week and 44% on average.

Opening Calls

Corn 2 to 4 cents higher

Soybeans 8 to 12 cents higher

 http://www.fccoop.com/markets/commentary_detail.cfm?CommentaryID=2065