Mid-Morning Comments 03/24/14
Monday, March 24, 2014, 9:07 am
Submitted by: Dustin Weiner
Submitted by: Dustin Weiner
Good morning!
The corn and soybean markets are higher this morning, soybeans traded in a big range (40c) last night, trading down 15c when the market opened and got as much as 25c higher in the early morning hours! Uncertainty over Chinese imports is what has the market so volatile. There were rumors late last week that a large Chinese importer wanted Chinese crushers to default on open sales due in part to extremely poor crush margins (which would be negative to prices). Well they had the meeting last night but when no agreement was reached the market turned higher, explaining the sharp rally.
Corn… well there isn’t a ton of news to discuss, corn is trading higher this morning and it appears to be following wheat (which is rallying on drier than expected weather forecasts for the southern Plains). We are one week away from the USDA’s quarterly grain stocks and prospective plantings report, it wouldn’t be a surprise to see corn remain in a range between now and then. Once that report is traded, on to spring weather!
Currently
Corn is 6 to 7 cents higher
Soybeans are 2c (new crop) to 7c higher (old crop)
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