AM Comments 04/01/15
Wednesday, April 1, 2015, 8:04 AM
Submitted by: Dustin Weiner
We saw a little follow-through buying in soybeans last night as nearby bean futures popped higher. Corn looks like it tried to follow suit, but ran into some selling (as I type this corn is only a half cent higher). In one fell swoop yesterday corn moved from the high end of its recent (2-3 month) trading range - down to the lower end thanks in large part to heavy fund selling. Be aware that in the short term, the corn chart looks like might still have work to do to the downside... Long term price action on corn will of course get pushed around by spring weather, for better or worse.
Overall for today, it looks like if corn and soybeans try to rally – they may struggle. The corn chart isn’t a pretty sight right now and soybeans could not only get weighed down by the corn market, but also receive pressure thanks to aggressive farmer selling out of South America. Rumors of another trucker strike bubbling in Brazil (scheduled for late April) could factor in at some point.
Soybeans 4 to 6c higher
Have a great day!