AM Comments 06/12/15
Friday, June 12, 2015, 8:06 AM
Submitted by: Dustin Weiner
The markets tried to bounce higher last night but when the overnight session closed both corn and soybeans were lower. The $US seems to be a big factor in the weakness as concerns in Greece are once again allowing the dollar to rally which pressures most all of our commodities.
Heavy rainfalls are moving into the Eastern Corn Belt this morning after dropping moisture in the West, with the severe rains hitting that SW part of Iowa again which was already soaked. The rains remain in the forecast with another system coming over the weekend and again mid next week and potentially again next weekend. The current projections from the Climate Prediction Center suggest an 85% chance that this year’s El Nino will continue throughout the summer/fall. Remember, El Nino conditions are tied to above average precip in North/South America with drought conditions in the other part of the world (Asia/Australia).
Overall for today most calls will be for lower markets but I wouldn’t be surprised to see both corn and soybean futures give traders a selling opportunity with a rally at some point during the day session…
Corn steady to 2 cents lower
Soybeans 1 to 3 cents lower
Have a great day!