AM Comments 03/23/15
Monday, March 23, 2015, 7:03 AM
Submitted by: Dustin Weiner
Things are looking positive for grains/oilseeds today with both corn and soybean futures moving higher overnight. The technicals (charts) are starting to look friendlier, with the big (10c+) gains on Friday starting to look like a turning point. The $US has played a large part in that, as the softer Dollar Index has cleared the path (for now) to make buying commodities easier than selling them. The dollar is down another .500 points today and is now below the 20-day moving average for the first time since late February. A significant move lower in the $US of course would be friendly to corn/bean prices.
However, when you look at S&D’s and fundamentals today, bullish news is difficult to find. It’s hard to change the fact that grain supplies in the world are ample and the South American soybean harvest is picking up speed which should keep U.S. export terminals quiet for the time being. Overall for today though, we look due for a correction to the upside…
Corn 3 to 4 cents higher
Soybeans 5 to 7 cents higher
Have a great day!