AM Comments 03/11/15
Wednesday, March 11, 2015, 8:03 AM
Submitted by: Dustin Weiner
Good morning! The markets were mixed for most of the night session but ended firmer with corn beans and wheat all higher. Most feel that today’s strength is tied to short covering as there isn’t much bullish news to read. Really though, this little pop isn’t too surprising as the weak prices yesterday did nothing to advance farmer selling here in the U.S., which all but eliminates hedge pressure.
The $US continues its trek higher this morning, there are reports that yesterday grain buyers in Brazil saw one of the biggest farmer selling days all season thanks to the weakness in the Real vs the $US! In other news down there, it looks like the Brazilian Gov’t successfully kicked the can down the road as the Brazilian truckers have agreed to meet with the gov’t again on March 26th and any roadblocks in that country are limited this morning.
Overall for today the early calls from the brokers are all firmer – but rallies could be tough to sustain as truly bullish news is nowhere to be found and the strength in the $US can only be ignored for so long...
Corn 3 to 5 cents higher
Soybeans 5 to 7 cents higher
Have a great day!