AM Comments 03/19/13
Tuesday, March 19, 2013, 8:20 amSubmitted by: Dustin Weiner
Good morning!
Our markets are mixed this morning after chopping around on both sides of yesterday’s close overnight. Corn did make new highs for the move last night – they have since backed off but the corn chart is still pushing higher. Ethanol margins have improved – they look be as high as they’ve been in over a year. Valero announced yesterday that they are bringing the last of their idled plants back online. They have 10 plants total – at one point three of them were idled but as of now all 10 are back into production. This improvement in crush margin is a big reason as to why corn prices have snapped back.
There isn’t much else going on – the wheat market is a little nervous as there is potential for a freeze this weekend in the Plains (and maybe down into the Gulf States), so traders will be watching that forecast closely as the week moves on.
Currently
Corn is mixed, up 1 cent to down 1 cent
Soybeans are down 1 to 2 cents
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