Fccoop

MARKET COMMENTARY

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!

 

@fccoopgrain

 

« Back

© 2018 Landus Cooperative, All rights reserved.
Landus Cooperative
2321 North Loop Dr., STE 220
Ames, IA 50010
515-817-2100
Departments
Find Landus Cooperative on
facebook icon twitter icon youtube icon blog icon