PM Comments 12/2/2014
Tuesday, December 2, 2014, 4:12 PM
Submitted by: Joel Pudenz
Both corn and soybean futures fell under technical pressure today as each market continues to form a solidified head-and-shoulders pattern. Soybeans found some support at the 50-day moving average level around $9.95, but settled only ¾ a cent higher than that. Weakness in the meal market and a continually stronger dollar also pushed January soybean futures to levels not seen since October 24th. Crude oil closed sharply lower once again today, giving the bears plenty to talk about in the corn market. Corn futures closed 7 to 8 cents lower – it continues to struggle on the world market as grain from the Black Sea and South America is the more attractive buy. The next sizable fundamental input is the December USDA S&D Report on December 10th. Production and acres aren’t updated until January, so look for the market to trade range bound as we watch (1) demand evolve for U.S. grain and (2) the South American crop develop.
Corn closed 7 to 8 cents lower
Soybeans closed 20 to 21 cents lower
Have a good night!