AM Comments 04/14/15
Tuesday, April 14, 2015, 8:04 AM
Submitted by: Dustin Weiner
Once again, the overnight session brought us nothing but mixed trade as corn and bean prices stabilized overnight, following yesterday’s lower move. The wheat market appears to be the anchor in these markets as improving weather forecasts in western wheat growing areas keep prices under pressure. The Corn Belt however is looking at a drier forecast which should get planting off to a good start and catch us back up to “normal” planting levels.
The soybean complex was the best performer last night, and that is mostly attributed to higher prices in China. Reportedly, port supplies there have been reduced there which had Chinese soybean futures rallying. However, crush margins in general continue to decline which may eventually limit new soybean demand (and rallies).
With crude oil higher and the dollar mixed – for today I’d look for things to chop around with a good chance to pick up some
short covering and stay higher for most of the day. However, long term views by many traders –
with what we know now on weather (which isn’t much) – remain bearish.
Corn steady to 2 cents higher
Soybeans 4 to 8 cents higher
Have a great day!