AM Comments 03/31/14
Monday, March 31, 2014, 7:57 am
Submitted by: Dustin Weiner
Submitted by: Dustin Weiner
Good morning!
With the big USDA report due out at 11am this morning, there isn’t much going on in the trade to talk about. So far it looks like the market will try to drift lower into that report – corn and wheat are both over a nickel lower while soybeans are down a couple cents.
U.S. weather… much needed rainfall is hitting a good part of the western Corn Belt today, but parts of the Dakotas and northern Minnesota are expected to get a blizzard – somewhere between 4 and 10 inches of snow. The 6-10 day outlook looks like below normal temps will continue for most of the U.S.
Outside markets are mixed with Crude Oil lower at this time (DN 12 @ 101.55) along with a lower US Dollar (137.84 vs. Euro) and the US stock market is higher (UP 77).
Other than that, all eyes will be on the report at 11am! The last few years this March report has pretty much caused a limit move in corn – the question is which way??
Opening Calls
Corn down 4 to 6 cents
Soybeans down 2 to 4 cents
7-Day QPF
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