AM Comments 02/23/15
Monday, February 23, 2015, 8:02 AM
Submitted by: Dustin Weiner
Mixed markets this morning with corn and wheat a touch lower while soybeans are trading a few cents higher. The outside markets are a negative input with the $US trading sharply higher and testing resistance up near the February highs. This has helped push most commodities lower, crude oil is down over $1.90 as I type this.
Some of the strength in soybeans is coming from firmer soybean meal prices… which could be due to cold weather in the US. Cold weather this time of year offers support as traders feel that the longer it drags on, the impact from logistical problems and reduced animal feed conversions (this helps explain firmer meal values) will be enlarged. You can see for yourself by looking at the 8-14 day temp forecast (below) that cold temps will continue to dominate the conversation in the Midwest.
Corn steady to down 2c
Soybeans 2 to 4 cents higher
Have a great day!