Weekly Cash Comments
Weekly Cash Commentary for week ending 05/06/2016
Basis levels were generally firmer this week, although variability in basis movement has picked up on a fast-moving futures market. For the week, US average corn basis was up 1.5 cents while soybean basis bounced up 2 cents.
Grains Take a Breather in the Overnight Session
Crude Oil Dips Lower
Grains took a breather from yesterday’s sharp selloff to recover a few cents in overnight trade. In outside markets, crude oil dipped lower and equities were trading down on weak employment data this morning.
$9.85 Price Potential for Soybeans
Grains Posted Gains in the Overnight Session
US Dollar Continues to Recover
Grains posted gains in the overnight session with soybeans leading the complex higher. Corn and wheat were mostly flat in the night session with listless trade.
Why Corn Has a Strong Potential to Move Lower
Corn Hit Fresh Weekly Lows
Crude Oil posted modest gains
Grains continued to move lower following yesterday’s sharp selloff. Corn hit fresh weekly lows, while soybeans got closer to short-term support in the $10.18 to $10.20 area. In outside markets, crude oil posted modest gains after yesterday’s steep slide while the US dollar index continued to...[Read More]
Short Term Problems Corn May Be Facing
Soybeans Climbed to New Heights Overnight
US Dollar was making a run at 7 days of losses
Soybeans climbed to new heights overnight while corn and wheat posted modest gains. In outside markets, the US dollar index was making a run at 7 days of losses while equity futures and crude oil were also weaker.
Necessary Support for Soybeans to Keep Climbing Higher
Grains Subdued in The Overnight Session
US Dollar hit fresh lows late in the morning session.
Grain markets were subdued overnight with grains showing modest losses in fairly limited trade. In outside markets, the US dollar hit fresh lows late in the morning session while crude oil was weaker on the night but was coming back closer to unchanged.