AM Comments 03/23/16
Wednesday, March 23, 2016, 8:03 AM
Submitted by: Dustin Weiner
The markets are off to a lower start today as soybeans are taking a step back after a rally yesterday which pushed soybean futures into new highs for the move. In the case of soybeans overnight, pressure seemed to be coming from lower Palm Oil futures and a general lack of fund buying (which had been the catalyst). Corn and wheat are under pressure thanks in increased moisture chances for the Plains.
Overall for today look for things to start off weaker with soybeans taking cues from the funds. It is worth noting that the funds are now LONG soybean futures while they are still short corn and wheat. Cash markets appear softer this morning also as heavy farmer selling into the recent rally is starting to weaken basis.
Corn 2 to 3 cents lower
Soybeans 5 to 8 cents lower
Have a great day!