AM Comments 12/02/14
Tuesday, December 2, 2014, 8:12 AM
Submitted by: Dustin Weiner
The markets were mixed in the overnight trade as they continue to stabilize after last Friday’s sharp declines. Corn and soybeans closed up a whole penny yesterday, and are currently down about that this morning, so… not a lot of action. The weather outlooks across South America look mostly favorable (again) for corn and soybean production as southern Brazil is expected to get some rains over the next 7-10 days which should help the soybeans in that area. Meanwhile parts of central Argentina dealt with strong storms over the weekend (high winds, localized flooding) but are now seeing improving conditions to start the week.
The outside markets are slightly negative this morning with crude oil lower while the $US is firmer when compared to most other currencies. On a positive note, the stock market is called a touch higher. Overall for today, there are very few inputs to trade off of which should allow the market to chop around on both sides of yesterday afternoon’s close. Should give something for both the buyers and the sellers to work on.
Corn 1 to 2 cents lower
Soybeans steady to 2 cents lower
Have a great day!