AM Comments 08/17/16
Wednesday, August 17, 2016, 1:08 PM
Submitted by: Dustin Weiner
Looking across the wires there’s really not a ton of “new news” to discuss this morning. The $US is a touch higher after slipping down to its lowest level since “Brexit”. This afternoon the Federal Reserve will release the minutes from their July meeting and of course the trade will dissect those looking for clues on whether or not an interest rate hike is coming soon.
Weather isn’t much of a topic these days – at least not a bullish one – the models continue to show non-threatening weather with ‘normal to above normal’ precip and ‘normal to below normal’ temps to finish out August.
Overall for today it looks like a mixed trade although soybeans could make an attempt to lead the pack higher. Overnight the Malaysian palm oil futures market posted massive gains (to put it in perspective it would be similar to soybeans trading just above a limit move higher) with “tight supplies” being the most used reason/excuse. This sparked a rally in soybean oil which of course is spilling over into soybeans. We will have to watch today to see if that can drag corn up also…
Soybeans 3 to 6 cents higher
Have a great day!
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