AM Comments 02/22/16
Monday, February 22, 2016, 7:02 AM
Submitted by: Dustin Weiner
The markets were firmer last night in what appears to be a short-covering rally. The outside markets today also look to start off higher with crude oil, the Dow and the $US all higher.
With the USDA’s Outlook Conference later this week, seeing the trade remove risk and lift positions (in this case by buying their shorts back) isn’t overly surprising. We should see start to see acreage and balance sheet projection info leak out of that conference sometime Thursday morning. This type of information to me isn’t a huge deal – but the market is thirsty for news and whatever comes out of that conference will be traded. Whether the projections are bearish or bullish it may be difficult to drag our markets out of their recent ranges – at least until we get deeper into the coming growing season.
Corn 1 to 3 cents higher
Soybeans 3 to 6 cents higher
Have a great day!