Friday’s World Ag Supply and Demand Estimates Report and Monday’s weekly crop progress report are of significant interest to both the corn and soybean markets, but it’s the latter that is of particular interest to today’s corn trade.
“All eyes are on the planting progress,” says analyst Don Roose with U.S. Commodities in West Des Moines, “We think currently with the faster pace this week that we’re going to be closer to 60 percent planted on corn come Monday afternoon, so that’s not that far behind the average pace.”
Roose observes Tomorrow’s WASDE report is of more interest to the soybean trade.
“[On] soybeans, we’ve had a big push to the down side throughout the beginning of the week here so far,” says Roose. “We’re starting to push technically; short covering going into that report. We expect the first balance table for the 2014/2015 marketing year to have ending stocks close to 300 million bushels; it tells us that we have an abundant supply of soybeans ahead, if we get a big crop.”