SubscribeDaily Futures Commentary COMMODITIES March 30, 2009
Monday, March 30, 2009
GRAINS
The USDA Planting Intentions report is expected to show a greater amount of soybean acres and fewer number of corn acres to be planted. This report has already been priced into the market.
The key focus at this time is on the Dollar. Until the Dollar weakens demand for corn and soybeans should continue to drop as foreigners are finding the crops too expensive.
Flooding in North Dakota is still a concern for wheat producers. There is no way to assess the damage if any at this time. Timely rains have helped improve the wheat crop.
SOFTS
May Cocoa is hanging near last week’s top but is still very vulnerable to a steep correction. Fundamentally cocoa is bullish in the longer term. Production issues have not been a factor affecting the May contract at all. Look for the strong Dollar to exert pressure on the Cocoa market this week.
Falling equity prices and diminished interest in risk could lead to profit-taking in high risk commodities like May Coffee. Look for …
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