AM Comments 12/05/14
Friday, December 5, 2014, 8:12 AM
Submitted by: Dustin Weiner
It was another calm night of trade last night, low volume – mixed to lower price action. The strong close in the corn market yesterday (up 7.75c) pushed corn back closer to the top side of the recent range. The $US was quite a bit weaker yesterday which helped commodities rally – the $US is firmer this morning which could explain why the market is giving up a piece of yesterday’s rally.
Overall for today, the corn and soybean markets look to close the week out on a quiet note. The general news headlines seem to flip back and forth between bearish and bullish with neither sentiment able to grab hold and really move this market. Corn seems to be locked in a trading range as the market ebbs and flows on farmer movement and end user interest. Soybeans appear poised to drop sharply here at some point – but that is difficult to justify at this time with the SA growing season still fully in front of us.
Corn 2 to 3 cents lower
Soybeans steady to 3 cents lower
Have a great day!