AM Comments 03/31/15
Tuesday, March 31, 2015, 8:03 AM
Submitted by: Dustin Weiner
It was a quiet night last night that traded on both sides of yesterday’s close, which is to be expected right before the release of critical USDA reports like today. As a reminder, this 11am report will consist of two pieces – stocks and prospective acres. On top of that, today is the last day of the month which seems to bring with it increased volatility as positions even up for month-end. The average trade estimates for today’s Prospective Plantings report has corn acres pegged at 88.86 mln acres and soybeans at 85.95 mln acres. The average guess for Mar 1 corn stocks is 7.609bb (was 7.008bb last year) while the soybean stocks estimate is sitting at 1.346bb (was 994mb last year)
Overall today, the obvious input will be coming at 11am. Between now and then the market appear like they want to trade weaker but I wouldn’t rule out a two-sided trade.
Corn 1 to 3 cents lower
Soybeans 3 to 5 cents lower
Have a great day!