AM Comments 03/03/15
Tuesday, March 3, 2015, 7:03 AM
Submitted by: Dustin Weiner
Glancing at the markets this morning you see corn up a bit, wheat trading steady to lower and soybeans lower. The soybean market ran out of steam yesterday and after a poor close they are starting to look pretty negative on the charts. Fundamentally I’m not sure much has changed, still some talk about a couple states in Brazil that are dealing with trucker strikes while the rest of them appear to be freed up. We are reading that port managers there claim to have enough beans on hand to load vessels all week this week. Other S&D news remains quiet. Don’t worry, we will be discussing US acres and planting weather soon enough!
Outside markets… crude oil is a touch higher while the $US is steady. Not a lot there. Later today there will be an estimate on world production (from Informa – a private company), it shouldn’t move the market much but it will still be interesting to see. Weather… looks good in South America as harvest is progressing nicely while the US forecasts may finally be turning warmer.
Overall, I wouldn’t be surprised to see a higher trade today in both commodities (continuing the up/down/up/down choppy pattern with yesterday being a down day) but with soybean technicals turning sour it may be short lived.
Corn steady to 2 cents higher
Soybeans 2 to 4 cents lower
Have a great day!