AM Comments 3/13/15
Friday, March 13, 2015, 8:03 AM
Submitted by: Eric Kist
Low trading volumes overnight allowed the corn and soybean markets to sift slightly lower as we head into the morning session. Today is the last trading day for the March futures contracts, but the market impact is likely to be minimal, as open interest levels are low. The U.S. farmer continues to display patience in regards to selling grain, and as a result basis levels in both the domestic and export markets are firming up a bit. The concern in the market is that once the spring planting season gets underway, farmers will divert their attention to sowing crops, and supplies of cash corn/beans will be difficult to buy until after the planting season.
Outside markets are negative this morning, as the US Dollar is firming up after its down day yesterday, and crude oil is sharply lower, trading around the $46 dollar range.
Expect a mixed trade again today, as the markets will struggle to sustain any rally attempts.
Have a good day!