AM Comments 06/13/16
Monday, June 13, 2016, 12:06 PM
Submitted by: Dustin Weiner
Our markets opened the session last night with a bang, corn led the way trading double-digits higher not long after the 7pm open. The story: weather. At first glance the forecast appears just like we thought it would be on Friday, so why the rally?? While there are still rains in the forecast, there aren’t additional rains. It also appears some were hoping the forecasted temps would change, but they are still as expected (above normal). So here we are, it’s Monday and it is glaringly obvious we are in a weather market which brings enough opportunity (and risk) for everyone.
There really isn’t much else fundamentally to talk about yet this morning as price action appears to be driven mostly by weather and money flow. The outside markets are a bit of a mixed bag with crude oil weaker and the $US mixed to slightly weaker. If we take a break from watching weather, the next two days could be pretty interesting as the Fed officials are starting a 2-day meeting. Big questions there of course about whether or not they will try to raise the interest rate. As news leaks out of those meetings it could push commodities around one way or the other, especially energies/metals.
Corn 12 to 14 cents higher
Soybeans 10 to 15 cents higher
Have a great day!
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