AM Comments 06/30/16
Thursday, June 30, 2016, 1:06 PM
Submitted by: Dustin Weiner
Buckle up everyone, today we will get the U.S. planted acreage & quarterly stocks reports at 11am AND today is the last day of the month AND the last day of the quarter AND we are in the middle of a bumpy weather market with a 3-day weekend on the horizon. Plenty of reasons for increased volatility…
Overnight our markets quietly worked a shade higher, attempting to rebound from yesterday’s negative price action where we saw continued liquidation. Looking at open interest change yesterday, soybeans were down 12k contracts while corn was down 30k contracts. It appears some folks wanted no part of today’s report and simply got out.
While there will be plenty of news to digest, the acreage info today could be the most interesting. There was a thought that since the March 31st acreage projection the US farmer has changed course and planted more soybean acres and less corn acres. This is generally what the market is expecting today (trade estimates below) and if we deviate too far from that, the market could react aggressively.
Soybeans 2 to 3 cents higher
Have a great day!
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