AM Comments 08/08/16
Monday, August 8, 2016, 12:08 PM
Submitted by: Dustin Weiner
Markets are a little higher this morning and the weather forecast is having a small effect on the market – I won’t go so far as to say that the weather outlook is bullish, but it also isn’t bearish. We have some heat coming in the forecast which was enough to cause a little buying overnight as soybeans remain in their key development period. We also saw some technical buying thanks to a firm close on Friday which may be ever-so-slightly turning the charts a bit.
This afternoon we will get another look at crop ratings – most in the trade are planning on them being unchanged from last week. This Friday we will get what is likely the biggest report since that June stocks/acres which is an updated look at a production and S&D. Once we get past that fresh supply news will be fairly limited until Pro Farmer hits the ground in a couple weeks with their crop tour.
Overall we appear to be kicking off ‘report week’ with a firmer tone. Corn and wheat are still very competitive in the world market AND the funds are short both of those commodities which helps them out a bit as they look for short covering. The US is also competitive when looking at export soybeans and this weather is just uncertain enough to keep a bid under them.
Corn 1 to 3 cents higher
Soybeans 8 to 12 cents higher
Have a great day!
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