Morning Comments February 28, 2017
Tuesday, February 28, 2017, 8:02 AM
Submitted by: Landus Cooperative
Grains have been slipping lately with lack of fresh news, but corn and soybeans both managed to close the overnight in the green; corn up 2-3 ½ and soybeans up 7-9 cents. Yesterday we saw a six week low in bean futures and a 4-week low in corn futures.
Data from the Australian weather bureau shows the chance of El Nino increasing over the last two weeks due to warming of the Pacific waters, it’s now up to a 50% probability.
Another note of caution, keep an eye on crude oil, trading slightly lower today.
President Trump addresses congress tonight; traders are hoping for some news on NAFTA and the EPA.
Corn +2 to +3
Soybeans +8 to +9
Thank you for your business and have a great day!