AM Comments 06/08/16
Wednesday, June 8, 2016, 1:06 PM
Submitted by: Dustin Weiner
Corn and soybeans prices were firmer again last night as December corn futures made a new high for the move for the 11th consecutive session. We are of course treading through a weather market at the moment as the trade is starting to get worried about weather for the summer. The hot weekend forecast isn’t helping calm anyone down and when you see a few drier extended forecasts… the long side of the market is the much more comfortable play.
Remember – this Friday at 11am we will have the next S&D released. Looking at trade estimates, we are already trading reduced carryouts in both corn and soybeans. We will have to wait until Friday to see if the USDA shocks the market one way or the other on that. While this June S&D will be interesting, the June 30th stocks and final acreage numbers tend to bring the most excitement.
Outside markets… crude oil is continuing to march higher, now up over $51 while the US Dollar is weaker – all of that is lending support to our corn/soybean markets. There was also some data out showing that the Chinese economy is not slipping as much as originally thought – which I suppose you can take as friendly.
Corn 2 to 4 cents higher
Soybeans 10 to 15 cents higher
Have a great day!
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