A.M. Comments 4/4/2014
Friday, April 4, 2014, 8:23 am
Submitted by: Joel Pudenz
Submitted by: Joel Pudenz
Good Morning!
The U.S. jobs report was out this morning and it looks to be neutral. During the month of March, the U.S. added 192,000 non-farm jobs – just short of the 200,000 expectation. This leaves the reported unemployment rate at 6.7% vs. expected 6.6%. Markets are mixed this morning as the trade focuses on the monthly WASDE report due next Wednesday. Most feel ending stocks for corn and beans will dwindle from the March report (1.456 bln bu. corn, 145 mln bu. beans).
More moisture is in the forecast for the wheat belt, adding pressure to wheat futures and that may spillover into corn. Midwest forecasts look to be steady to below normal temperatures and steady to above precipitation. NOAA continues to call for a building El Nino, which means below normal tempuratures for the Central U.S. The question remains if/when the effects will take place (Early summer? Late summer?).
Opening Calls:
Corn 1 to 3 cents lower CBOT
Corn 1 to 3 cents lower CBOT
Beans 1 oto 3 cents higher CBOT
Here’s a look at where snowplows are at in Iowa. Drive safely!
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