AM Comments 06/27/16
Monday, June 27, 2016, 12:06 PM
Submitted by: Dustin Weiner
Our corn and soybeans prices were higher last night with corn currently trading 15c above than the lows made during the session Friday (Brexit-fueled). As you may have seen, corn did close pretty well Friday (only down a few cents after being double digits lower during the day) and that firmer close is likely sending the technical traders a signal that prices on the chart were ‘cheap enough’ for now. Of course, we aren’t out of the woods yet – the $US is still firm which is always difficult to overcome and weather/crop conditions still remain mostly favorable with trendline (or better) yields for the US still possible.
This afternoon we will get another look at the weekly crop progress report and the market is expecting conditions to drop a touch, but should remain better than last year and better than the 5-year average. The big reports will be out Thursday with Planted Acreage and Quarterly Grain Stocks both being released at 11am. Even with the Brexit wake still swirling around us – you might seem our markets act pretty choppy ahead of Thursday as traders try to even up whatever positions they have. This June 30th report packs a strong fundamental punch, making it well-known for high volatility – both positive and negative.
Corn is 3 to 4 cents higher
Soybeans are 16 to 20 cents higher
Have a great day!
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