PM Comments 12/8/2014
Monday, December 8, 2014, 3:12 PM
Submitted by: Joel Pudenz
Trading activity was choppy as expected today for both the corn and soybean markets. Corn traded a 10-cent range and closed 4 to 5 cents lower after meeting – and backing off – a key resistance level at $4.00 in the March contract. Export inspections didn’t get many buyers excited as estimates were below expectations (continuing the trend for weak corn exports). Crude oil was down nearly $3/barrel, the dollar traded a few ticks lower, and livestock markets took a beating today (deferred months for Feeder Cattle were limit down). Soybeans were also mixed, but garnered enough strength to close 7 to 8 cents higher. Export inspections were stronger than expected, pushing beans to the $10.50 level we’ve been accustomed to seeing since late October. Corn and soybean futures have been range bound since late October as most participants feel comfortable with current price levels. Barring any unforeseen event, we will likely remain range bound through the end of December as we await the January S&D report.
Have a good night!