AM Comments 10/23/15
Friday, October 23, 2015, 7:10 AM
Submitted by: Dustin Weiner
The markets traded mixed overnight and are currently a touch below yesterday’s closing prices. Yesterday’s trade started out promising with strong soybean exports and higher prices, only to tumble and see both corn and soybeans close lower. The $US was the culprit as it put in an impressive rally yesterday, pressuring most all commodities. Overnight, the $US was a shade weaker to start – which let corn and soybeans drift higher – only to rally a bit this morning, which took prices back lower. The cardinal and gold chart below shows the US Dollar Index – you can see both yesterday’s big jump and the price action so far in today’s session. If that continues to rally today we could struggle to trade higher.
Have a great day!