AM Comments 11/21/14
Friday, November 21, 2014, 8:11 AM
Submitted by: Dustin Weiner
The overnight trade last night was mixed as corn and wheat seem to be taking a slight break after yesterday’s short covering rally. Soybeans are trading higher this morning with strength coming from soyoil (which may be due to the overnight surge in crude oil and palm oil values). Weather outlooks remain unchanged in both the U.S. and South America. Corn/soybean harvest is inching closer to completion while corn/soybean planting should advance in SA with no major problems.
With very little fresh fundamental news to discuss, the outside markets could be a main input into today’s price action. In world financial news, the EU is expected to announce measures to stimulate their economy while China unexpectedly announced they will cut interest rates – so this morning we see crude oil, the U.S. stock market and the US dollar all sharply higher. The stock market could/should be making new record highs once again today.
Corn steady to 2 cents lower
Soybeans 3 to 6 cents higher
Have a great day!