AM Comments 02/18/15
Wednesday, February 18, 2015, 8:02 AM
Submitted by: Dustin Weiner
Corn and bean futures are under a bit of pressure this morning while the wheat market is steady to a touch higher. With the strong close in soybeans yesterday (March beans closed above its 100 day moving average for the first time since the January reports) I wouldn’t be surprised to see a little fund buying at some point today. We saw decent farmer movement yesterday, and if that happens today, a softer close is possible.
Adding to the bearish tone are weaker outside markets as crude oil is lower and the $US is stronger. Speaking of currencies, the Brazilian Real continues to slip – now down to its lowest level in almost 11 years. What this means to the Brazilian farmer is that even though there has been an obvious sharp drop in futures prices – they are getting nearly the same price for beans (in Reals) as they did last year!
Corn 2 to 3 cents lower
Soybeans 1 to 3 cents lower
Have a great day!