Fccoop

MARKET COMMENTARY

AM Comments 05/29/15

Friday, May 29, 2015, 8:05 AM
Submitted by: Dustin Weiner


The corn market is trying to bounce higher today which if it holds would be the second consecutive day with a higher close.  While that isn’t necessarily a long winning streak, this would be a small victory for a corn market that is staring at near ideal weather conditions forecasted for next week.  This rally to me feels like end of month profit taking as those who have been short this month buy some of those shorts back in. We will also want to watch the $US again for direction… It was weaker yesterday which allowed commodities to float higher and if it breaks the recent uptrend line and slides lower again today… we could see a nice close in corn ahead of the weekend.

 

The weekly export sales report was out this morning, corn sales were in line with trade estimates while soybeans were at the upper end of guesses.  There are rumors this morning that the Argentine labor strike may soon be coming to an end, these labor issues in Argentina have propped up soymeal prices which have given US crushers some great margins as of late.  If we walk into the office on Monday and there hasn’t been a resolution, expect a rally in soymeal at least. 

 

Opening Calls

Corn 1 to 2 cents higher

Soybeans steady/higher

 

Have a great day!

 

@fccoopgrain

 

 

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