Good morning!
Corn, soybeans and wheat are all lower this morning, on what has been a relatively slow ‘news’ morning. The weather in Argentina looks unchanged: warm/dry this week with chances for rain still in the forecast next week. The old adage is that you have to feed a bull market every day and with an unchanged weather forecast in regards to the rains next week there may be some traders taking profits. Also, soybeans haveso far failed to trade at or above the $15 mark on March futures… the longer we go without taking that out the more chance we have for a minor correction.
The outside markets are mixed this morning, the DOW is rebounding a bit after yesterday’s negative day while the $US and crude oil are a touch higher. Stats Canada released their stocks numbers this morning – everything came out near expectations when I think the market was leaning towards more of a bullish report which could be aiding to the overall weakness in grains/oilseeds.
With the USDA report out Friday morning we could be in line for a choppy couple of days as traders work to even up positions.
Currently
Corn is down 3 to 5 cents
Soybeans are down 5 to 8 cents
Have a great day!
Dustin Weiner
@fccoopgrain
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