AM Comments 06/03/15
Wednesday, June 3, 2015, 8:06 AM
Submitted by: Dustin Weiner
After a nice rally yesterday – fueled by a sharply weaker $US – the markets are giving a little back overnight as the $US is firmer this morning pushing both corn and soybeans lower (after starting off higher last night). Today’s trade feels like it could be important as follow through buying could be key if we are to flip the recent trend from lower to higher.
Weather… Rain showers are working their way east across NE/IA/SD this morning. The extended forecasts look a little drier for the Plains but remain above normal for most of the Midwest. There is a pocket of the belt (SW Iowa, NW Missouri, NE Kansas, SE Nebraska) that is struggling to get the tail end of this crop in the ground. None of this is effecting prices but it is at the very least something to watch.
The EIA will release their weekly ethanol production numbers later today but other than that, look for a quiet day with few market-moving inputs other than the action of the $US.
Corn steady to 2 cents lower
Soybeans 3 to 5 cents lower
Have a great day!