AM Comments 08/14/15
Friday, August 14, 2015, 8:08 AM
Submitted by: Dustin Weiner
The markets are under a bit of pressure this morning as the trade is staring at a favorable forecast for next week. It appears that late next week there will be widespread rains from the Dakotas down through Southern Minnesota, Iowa, Illinois and into Northern Indiana. This of course doesn’t give the bulls much to go on and while I’d like to think we could see prices rally back… If the noon weather forecast (the last one the trade will see before the weekend) confirms the wet weather??? The bulls may just call it quits for the week and markets could stay under pressure through the close.
Outside of weather there really isn’t much to talk about today other than looking back at the week that was and shaking your head at the volatility. This was the largest trading range for nearby soybean futures since August of ’14 (almost 96 cents) and the largest trading range for nearby corn since July of '12 (45 cents). Not to state the obvious but that is what happens when you catch almost an entire market leaning the wrong way. I use this line too often it seems, but I will leave you with this: when everybody is on the same side of the boat, the boat tips...
Corn down 2 to 4 cents
Soybeans down 8 to 12 cents
Have a great day!