AM Comments 05/28/15
Thursday, May 28, 2015, 8:05 AM
Submitted by: Dustin Weiner
It was quiet overnight session last night with corn and soybeans both moving a bit higher. The weekly export sales report is delayed until tomorrow due to the holiday on Monday, but later this morning the EIA will release their weekly ethanol production report which could give some direction to the corn market although its not expected to be a market mover. Ethanol plant margins are down a bit from last week but still remain healthily in the black. The weather outlook finally looks drier for the southern Plains next week, although that pattern may be somewhat temporary as extended outlooks call for a wetter than normal pattern for the last half of June.
Overall for today we will keep an eye on the ethanol production report – but for the most part grains seem like they will follow the outside markets, mainly the $US. If any additional strength in the $US shows up, our markets could turn lower without much resistance.
Soybeans 1 to 3 cents higher
Have a great day!