AM Comments 05/07/15
Thursday, May 7, 2015, 8:05 AM
Submitted by: Dustin Weiner
Overnight the corn market saw lower prices on heavy volume while the soybean market was higher for a good chunk of the night (on light volume) only to slip to steady/lower just before the 7:45am market pause. Export sales were out this morning reflecting strong sales again in both corn and soybeans which could add a little support today. The outside markets this morning are mixed with the $US rebounding a bit while the US stock market is called lower.
Overall for today the corn market seems to want to give back some of the gains yesterday that were thought to be driven simply by short-covering. I’d expect a mixed trade and without new news to talk about or the $US turning south again, we will be left looking at fundamentals which still appear negative with great weather and planting progress.
Corn 2 to 3 cents lower
Soybeans steady to 2 cents lower
Have a great day!