AM Comments 02/29/16
Monday, February 29, 2016, 7:02 AM
Submitted by: Dustin Weiner
In the overnight session last night we saw that corn and wheat futures were firmer while soybean futures were weaker. Wheat futures may simply be rallying because they got too cheap too fast – it sounds like there is some new interest in wheat exports starting to show up. I’d also say that the Commitment of Traders report Friday (that showed the funds holding a record short in wheat) is helping spur some short covering. Soybeans still feel heavy, due in part to the deliveries against the March futures contract Friday, but generally with good weather down in South America it’s hard to sustain any upward movement in price.
Overall for today we look for corn to take cues from short covering in wheat – but on a slow news day we wouldn’t be surprised to see a two-sided trade across the board.
Corn 1 to 2 cents higher
Soybeans 1 to 2 cents lower
Have a great day!