AM Comments 12/01/14
Monday, December 1, 2014, 7:12 AM
Submitted by: Dustin Weiner
Grains are mixed to lower this morning but most commodities are actually bouncing off the deeper lows that were made overnight (crude oil was down another $2+/barrel last night but has since gained most of that back) - the $US has now turned lower which is helping. Fundamental corn and soybean news is hard to find this morning as the trade overnight seems to be tied to money flow and outside market influences. The technicals (read: charts) are also an important factor in both commodities. The current chart configurations are teetering on the edge of another move lower as bearish head and shoulders patterns present themselves.
Overall for today, it is nice to see (at the time of this writing) that the soybean market isn’t getting slammed with follow-through selling pressure after Friday’s big move lower and technically concerning chart patterns. A two-sided trade in soybeans is possible today, although the day is long and the money flow can change directions quickly.
Corn down 3 to 4 cents
Soybeans mixed to 1c higher
Have a great day!