Morning Market Commentary March 15, 2017

Opening Calls:

 

CORN 1 to 2 cents higher

SOYBEANS 5 to 7 cents higher

 

Good morning!

Grains are trading higher this morning. Yesterday the corn market was helped by the announcement that the Chinese bought 3 cargoes of US corn. Beans finished weaker yesterday as the size of the Brazilian harvest continues to weigh on prices, with nearby futures now trading below $10.00. Brazilian currency has slowly weakened again, which is making prices more attractive to their producers.

Today we will see the release of the EIA’s weekly ethanol production and inventory reports. The corn market appears to be at the bottom end of its trading range, so an upward correction would not be a big surprise. The bean market’s ability to move higher last night turned the momentum indicators higher, which also might generate a bounce in the upward direction.

Our next speaker series meeting will take place next Wednesday the 22nd, at the Coon Rapids American Legion Hall. Brian Grete of ProFarmer will be speaking about the markets in regards to “Where have we been? Where are we going? Where are we currently?”. Registration will begin at 10AM, meeting at 10:30, and lunch at 11:30.

 

The Town Hall meetings will wrap up in Menlo at the 5×80 Country Club tomorrow, the 16th at 6PM. We hope to see you there!