AM Comments 03/03/16
Thursday, March 3, 2016, 8:03 AM
Submitted by: Dustin Weiner
The weekly export sales report was out at 7:30 this morning, sales on corn were solid – coming in right at the top end of trade estimates. Soybeans sales weren’t too bad either, within the range - but closer to the top than the bottom. This had the markets a little firmer at the 7:45am pause. Yesterday new contract lows were made in wheat (again) and in December corn – however, corn ended up closing higher on the day (chart below). We will see if we can continue that trend today.
Informa (a well followed private company) released their newest production forecast for South America. They raised Argentina’s corn crop, raised Brazil’s corn crop, lowered Argentina’s bean crop and raised Brazil’s bean crop. Nothing overly surprising there. The 6-10 day forecast for the U.S. still shows good moisture and warm weather for the corn belt – suggesting an early spring. Overall today expect a choppy trade and while we will start higher I wouldn’t be surprised to see us trade both sides of yesterday’s close throughout the day…
Corn 1c higher
Soybeans 1 to 2c higher
Have a great day!