AM Comments 06/12/14
Thursday, June 12, 2014, 8:06 AM
Submitted by: Dustin Weiner
Soybeans have rebounded overnight and into this morning after the nearby July futures contract failed to drop below technical support (at 14.42 on the board) and started to rally. In yesterday’s report the USDA did make downward revision to both old crop and new crop soybean carryouts – which you’d like to think was friendly. However, the old crop carryout drop was expected and most in the trade feel that soybean acres will be higher than what the USDA is currently using (right now they are going off of the March planting intentions report, actual acres don’t come out until June 30th).
Corn has settled in around unchanged from yesterday in what was a quiet night (corn traded in a 3c range). Overall the pressure of good weather is keeping a lid on this market - but corn looks oversold which could mean that any changes in reality or perception could easily cause a pop higher.
Corn mixed, 1c lower to 1c higher
Soybeans 3 to 5c higher
Have a great day!