Fccoop

MARKET COMMENTARY

AM Comments 3/19/15

Thursday, March 19, 2015, 8:03 AM
Submitted by: Eric Kist


Good morning!  After finishing higher yesterday, the corn and bean markets continued to trade higher overnight on high trade volume, before settling back lower heading into the morning break.  Yesterday’s late strength has been attributed to the release of the meeting minutes from the U.S. Federal Open Markets Committee (the Federal Reserve), which signaled that they may consider an interest rate hike as early as mid-year, but reinforced the idea that they need evidence of strong job growth and economic inflation near the 2% target.  On the news, the U.S. Dollar index dropped sharply (reportedly the largest drop in the index since 2009), and crude oil was up $1.50/barrel. 

 

Weekly export sales data came in this morning, with corn export numbers at the low end of expectations and soybeans reporting in the middle of the trade estimates.  Overall, these numbers are not expected to influence prices during today’s trade.

 

Look for a mixed trade today, as the $ index and crude oil have reversed course from yesterday’s sharp loss/gains from the Fed’s news release. 

 

 

Have a good morning!

@fccoopgrain

 

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