AM Comments 06/09/16
Thursday, June 9, 2016, 12:06 PM
Submitted by: Dustin Weiner
Last night’s market saw plenty of profit taking as both corn and soybeans traded lower after yesterday’s sharply higher trade. Yesterday, Nov beans hit a 2-year high and Dec corn hit an 11-month high – which was rewarded handsomely by the U.S. producer with cash sales. Of course, it was a little easier for the market to sell off overnight when the outside markets helped lead the way (crude oil is lower this morning while the $US is higher). At 7:30am today the weekly export sales report will be released which could give us a little fundamental push one way or the other. Other than that… most eyes are on the weather. There were some rains last night but the system that is due to arrive early next week will be an important one, as current weather outlooks for after that slot appear to be on the warm & dry side. The market fear of course isn’t necessarily over a little warm, dry weather in June – the fear is that it stays that way for an extended period of time...
Corn is 3 to 5 cents lower
Soybeans are 1 to 3 cents lower
Have a great day!
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