AM Comments 03/21/16
Monday, March 21, 2016, 7:03 AM
Submitted by: Dustin Weiner
We are starting off the holiday shortened week (there are no markets on Friday) a touch weaker in both corn and beans, while wheat is higher. The Commitment of Traders report Friday showed the funds less short in corn than expected and net-long in beans. Because of this many were calling for a weaker open last night - so the market is actually performing pretty well with corn fractionally lower and beans only down a couple cents. The wheat market is higher this morning on some weather-related news (cold temps) which could be what is keeping corn supported.
Informa released its US acreage estimates on Friday, they pegged corn acres at 89.5 million they had it as 88.9m last month) and soybean acres at 84 million (they had it as 85.2 million last month). Expect more private estimates to be discussed over the next week or so as the USDA will be out with their Prospective Plantings report on March 31.
The outside markets are mixed this morning with crude oil a touch weaker, equities a touch firmer and the $US unchanged. Not a lot there to go on which could make for a quiet day.
Soybeans 2 to 3 cents lower
Have a great day!