Midday Comments 03/11/14
Tuesday, March 11, 2014, 12:49 pmSubmitted by: Dustin Weiner
Good afternoon!
Feels like an old-fashioned “Turnaround Tuesday” today as the markets recover from yesterday’s losses. Corn is rallying nicely after the European Union threatened sanctions against Russia in protest of its advancement into the Crimean peninsula of Ukraine. This has the wheat market firmer which of course spills into corn – FYI Russia is on track to be the 5th largest exporter of wheat this year (and Ukraine is the 6th largest) so it’s a big deal. Safe to say grain traders are watching this situation closely and for the time being the cure to the uneasy, nervous feelings this situation brings is to buy buy buy.
Currently:
· Corn is 3 to 5 cents higher
· Soybeans are steady (old crop) and up 10 to 15 cents on new crop.
o This price action could be reflective of old crop sales cancellations? Even rumors about that would cause people to exit the old/new bean spread and explain what we see today
No comments:
Post a Comment