AM Comments 3/15/16
Tuesday, March 15, 2016, 8:03 AM
Submitted by: Eric Kist
The grain markets are starting off the day lower on negative outside news, as crude oil is under pressure for the second consecutive day, and equities are looking to start off lower as well. Crude dropped over $1.30/barrel yesterday, and is currently down another $1/barrel this morning, as more rumors are swirling about the potential OPEC production freeze. Reports overnight are now claiming that Iran has no interest in joining other major producers in freezing production, and as evidenced the Iranian monthly crude oil production from last month increased by the most in nearly 20 years.
In other news, NOPA will release its monthly soy crush report later this morning for February, and traders are expecting declining crush rates as margins have decreased. Average trade guesses are anticipating 7% less bushels were processed during February than January, and 5% less than during February of 2015.
Additional news is scarce for the time-being, and grains will most likely be under pressure all day from negative outside markets.
Corn: 2-3 lower
Beans: 4-5 lower
Have a great day!