AM Comments 12/31/14
Wednesday, December 31, 2014, 8:12 AM
Submitted by: Dustin Weiner
Pretty simple list of inputs today with most of them bearish… Crude oil is being pressured once again, making new lows for the move this morning, currently Feb crude is trading $52.65/bl! Wow. The $US is also stronger which weighs on commodities. The weaker price action on the close yesterday in corn/soybeans has technical traders disappointed in the way the charts look. You throw in good looking weather forecasts in South America and we are setting ourselves up for a slow, weaker day in the grains/oilseeds.
I will mention that volume overnight was light, and volume today should also be light – which means that any moves (higher or lower) could get exaggerated. Once this holiday shortened week is behind us, all eyes will be on the January 12th USDA reports (final production numbers, quarterly stocks and the Jan S&D).
**NOTE** - the Chicago Board of Trade will close at its normal time today of 1:15pm (originally many in the trade had heard it was closing early). It will not reopen again until 8:30am on Friday (no overnights tonight or tomorrow night).
Corn steady to 2 cents lower
Soybeans 3 to 5 cents lower
Have a great day!