AM Comments 01/02/15
Friday, January 2, 2015, 8:01 AM
Submitted by: Dustin Weiner
Similar to last Friday, futures haven’t traded since 1:15 on Wednesday (there wasn’t an overnight session last night) which makes opening calls a little tricky. You can try to look to the outside markets for direction but I would call those mixed at the moment with the stock market called higher while Crude Oil is lower and the $US is higher. The one piece of news that could give us direction… China’s PMI was released (a measure of their economy using manufacturing data) and it fell to the lowest level in 18 months! This could keep a lid on things today, especially the soy complex.
The USDA’s weekly export sales report was out this morning and there were no shockers as sales were in line with trade estimates. Overall I expect things to start off weaker, but after the nasty sell-off we saw on Wednesday, we could see a slight bounce at some point today. If this materializes it should get sold by both producers and traders holding long positions looking for an exit.
Calls for the 8:30AM pit open:
Corn 1 to 2 cents lower
Soybeans 1 to 3 cents lower
Have a great day!