Thursday Morning Comments (5/28) Quiet overnight trade with a bit of short covering/profit taking lending some support. Corn may be finding some end user interest at current levels. Beans finding limited support from continued strike issues in Argentina. Workers looking for large pay increase with gov’t balking. Port activity has slowed. Argentina gov’t, also placed large tax increase on biodiesel. Weekly ethanol report today – weekly export sales delayed until tomorrow. Estimates that U.S. soybean ending stocks closer to 300 mln. bu. than 350. Dollar steady – some ideas in the market that a decision with Greece/EU would allow dollar to weaken and take some pressure off commodities. Crude steady at $57.49. U.S. weather good overall but obviously there are some “too wet” spots. TX having a hard time finishing corn planting just one example. Mostly odds and ends in the market today.
Tuesday May 26th Crop Progress Report: Corn is 92% planted. Avg. is 88%. Last week at 85%. IL @ 97% Soybeans are 61% planted. Avg. is 55%. Last week at 45%. IL @ 69% Corn is rated 74% good to excellent. Illinois is rated 80% good to excellent. Iowa at 79%. Winter wheat is rated 45% good to excellent, unchanged from last week.
Have a good & safe day!
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2015 Crop Stanford Grain will accept grain with the Viptera trait but WILL NOT accept corn with the Duracade trait. Thank You for your cooperation.