AM Comments 12/12/2014
Friday, December 12, 2014, 8:12 AM
Submitted by: Joel Pudenz
Marginally higher markets this morning with corn trading 7 cents higher and soybeans trading 6 cents higher. Outside markets continue sitting in the driver seat as we close the week: the dollar is a weaker (trading at early November levels), feeder and live cattle are taking a beating again this morning, and nearby crude oil prices passed below $60/barrel without even batting an eye (currently trading below $59/barrel). USDA will release November NOPA crush estimates and most expect a record number of soybeans crushed last month – mostly driven by meal export programs. All-in-all, we’ll likely see a two-sided trade today as the markets balance declining crude prices, a strong dollar, and weaker cash basis levels for grain.
Have a good day!