AM Comments 03/28/16
Monday, March 28, 2016, 7:03 AM
Submitted by: Dustin Weiner
The corn and soybean futures markets are both slightly lower this morning. Corn spent most of the night session lower but the soybean market actually traded 3-4c higher last night before giving up those gains in the early morning hours. The March 31st reports (quarterly stocks and prospective plantings) later this week are dominating most conversations and could keep us choppy until they are released.
It wasn’t long ago that this quarterly stocks report could be counted on as being a big one – limit moves one way or the other seemed common! That has changed recently as the stocks reports have had less volatility thanks to the pipelines operating closer to the full side than it did in previous years. While there is always a chance for fireworks it feels like the market is more interested in learning about next year’s crop. This turns attention towards prospective plantings (acres) which will be released at the same time. Of course this data will no doubt change as weather & price will help tell the farmer what to plant this spring. For example, there are already folks talking about the wet weather in the Delta pushing corn acres into soybeans…
Corn 1 to 2 cents lower
Soybeans 1 to 2 cents lower
Have a great day!