Crop progress report out tonight has nation wide corn plantings at 97% vs. 97% last year and 99% on the 5 year average. Conditions on corn was shown at 69% good to excellent vs. 60% last year at this time. Firmness in the dollar, which hurts prospects for U.S. supplies on the export market, caused corn and wheat futures to weaken. Improved planting conditions in key areas of the eastern Corn Belt during the weekend, as well as some showers in states such as Iowa, also contributed to the drop in corn.
Tight stocks of U.S. soybeans fueled a rally in nearby soybean futures to a nine-month high on Monday, but deferred contracts weakened due to expectations of a plentiful harvest. Tight supply concerns are pressuring soybeans and the market will remain well supported for the time being, as concerns of lower crop yields and strong export demand will continue to dominate the market, commented one trader.
USDA CROP PRODUCTION REPORT DUE OUT WEDNESDAY MORNING AT 7:30 A.M. CST.
~Chris Spurlock
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment