Global markets are trading higher as investors react to better than expected US economic data released this morning.
Crops:
Crop futures prices are mixed ahead of this Thursday noon’s report from the USDA. Because of cooler than normal weather, speculators are expecting soybean plantings to be favoured over corn this year. Also on the watch list for speculators is the location of intended plantings – with the U.S. south still in drought mode (see US drought map), potential yields for 2013 U.S. crops may be at risk. Wheat prices are trading higher as the 41% of the U.S. winter wheat crop entered the critical jointing stage of development and is being hit by frost.
Livestock:
Livestock futures have a positive start this morning as US market fundamentals look friendly to increased demand. Lower corn prices for both old and new crop are also adding to the positive trend.
Disclaimer: This commentary is provided for information only and is not intended as advice