AM Comments 03/06/14
Thursday, March 6, 2014, 7:59 amSubmitted by: Dustin Weiner
Good morning!
The soybean market was trading double digits higher and the corn market had rallied off of its lows to trade slightly positive when electronic trading paused at 7:45am -- both markets can thank the weekly export sales report for their strength. This week’s report showed strong corn sales (above average trade expectations) and decent soybeans sales, right at the top end of expectations.
While the export sales report is a nice boost of friendly fundamental news – other news is hard to find. The USDA’s March S&D report will be out this coming Monday at 11am. The trade is looking for a slight shrinking of the soybean carryout while the corn carryout looks to stay close to the same – maybe a bit bigger. Don’t be surprised if sometime between now and the weekend this market drifts lower as we get hit with profit taking ahead of Monday’s report.
Opening Calls
Corn steady to 1c higher
Soybeans 8 to 12 cents higher
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