AM Comments 03/30/15
Monday, March 30, 2015, 7:03 AM
Submitted by: Dustin Weiner
Overnight our corn and soybean markets spent their time trading both a few cents higher and a few cents lower and they ended up floating around unchanged. The wheat market seemed to be the only one with direction last night (higher). The weather hasn’t been favorable for the southeastern wheat crop as of late and traders will look to the weekly crop conditions report (out later this afternoon) to get a better feel for just how tough it’s been. For today, the wheat market could end up pushing and pulling corn prices around with it as the funds try to figure out which position is the right position to be in. Currently the funds are short wheat (near record levels, actually) which leaves the market vulnerable to the upside if they come in and try to cover those shorts.
As for corn/soybean weather stories… with rains that fell over the weekend in the northern belt, there isn’t much to talk about – bearish or bullish – about weather. The forecast maps look about the same as they did Friday - the US Corn Belt will see warm temps and decent rains this week while the Delta and SE look to stay dry for the next couple days.
Overall for today… we might see nothing more than a shuffling of the deck as traders get their positions in line before tomorrow’s stocks/acreage reports. Those will get released at 11am tomorrow.
Have a great day!