Commodities and equities are both under pressure this morning – once again concerns over European debt have taken center stage. The $US is making new highs for the recent move as the new austerity measures in Europe are causing strikes and protests throughout Spain and Greece.
Soybeans have led the way down lately as the funds continue to take a risk-off approach to the market. Palm oil futures have been tanking (large stocks and negative world economics) which spills over into the soybean oil market. South American weather still bounces around from bullish to bearish – today it looks bearish as most of the weather down there is favorable for soybean planting.
This Friday morning the USDA will release the quarterly stocks report, it could be a tricky one as early harvest could sway the numbers.
Currently
Corn is down 7 to 10 cents
Soybeans are down 17 to 20 cents
http://www.fccoop.com/markets/information.cfm
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