AM Comments 03/24/15
Tuesday, March 24, 2015, 8:03 AM
Submitted by: Dustin Weiner
After two impressive sessions in a row (corn: +16c, soybeans: +20c since Thursday PM), not surprisingly there was some backfilling in the charts taking place last night as both corn and soybeans were trading a bit lower when I walked in this morning. That is probably healthy for the charts to see things take a step back after taking two steps forward. Be aware that if the $US is truly going to correct itself lower – the commodity markets should still have upside potential in them. The $US is down another .2% this morning.
Fundamentally, not much for new news. The weekly planting progress was out last night and of course is only relevant for the far South. Texas is showing 14% of its corn has been planted (vs 37% on average) while Louisiana corn is only 1% planted (vs 48% average). A nice rain system will be welcomed for dry parts of the Midwest, bringing moisture today and tomorrow.
Corn steady to 1 cent lower
Soybeans 2 to 4 cents lower
Have a great day!