AM Comments 12/29/14
Monday, December 29, 2014, 7:12 AM
Submitted by: Dustin Weiner
The weekly export sales report (normally released Thursdays, but delayed due to the holiday) was out this morning and it showed large corn sales which popped the corn market up a couple cents. But with depressed ‘holiday week’ volumes once again, don’t be surprised to see this market chop around and act more range bound today (and maybe this whole week) as the 2014 calendar year comes to an end.
US farmer selling has been active lately (moving length from the farmer’s hands into the funds’ positions) and cash basis has slipped across the country reflecting that. The January 12th USDA reports (quarterly stocks, production and S&D) will be huge to say the least, and I would bet that starting next week we will start to see a more active, volatile trade leading up to that day.
Corn steady to 2 cents higher
Soybeans 2 to 4 cents higher
Have a great day!