Market Comments
By Jim Stephens,
President of Farmers National Commodities, Inc.
Market Update for May
6, 2008
December corn futures made an attempt to take out the market
highs during the session today before giving back some of the gains closing
up 10-3/4 cents. We are finally getting some corn planted the past few days.
The national pace was less than most had expected in Monday afternoon's
report, which provided some of the support in today's trade. There is some
concern with yields now. At current planting paces, it will take a near ideal
summer to keep yields at USDA projections in February. We could see a lower
yield number used in estimating yields in the supply/demand report Friday
morning that will show the first projections for 2008/2009.
Soybeans have had some
support as well with the planting delays as well as continued concerns with a
possible farmer strike in Argentina. After showing good gains most of the day,
soybean futures broke back with the nearby contracts closing lower while the
November contract held a 2 cent gain. Most commodity traders expect the first
look at 2008/2009 soybean supply/demand balance sheets Friday morning will
show a comfortable ending stocks level next summer.
Wheat has found some support from the low crop ratings as
well as a forecast for warmer temps and dry conditions for the western Plains
through mid May.
Crude oil moved to a new high again today while the dollar
was a little weaker. This provided some support to the grain markets as well.
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